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August 7, 2013
NFA orders Pennsylvania commodity trading advisor Fidelity Planning Group to permanently withdraw from NFA membership and sanctions its principal, Terry James Dorrity
August 7, Chicago - National Futures Association (NFA) has ordered Fidelity Planning Group (FPG), a commodity trading advisor Member of NFA located in Bethlehem, Pennsylvania, to permanently withdraw from NFA membership. NFA has also barred FPG's principal, Terry James Dorrity (Dorrity) from NFA membership, associate membership or principal status with any NFA Member for a period of eight years. The Decision, issued by NFA's Business Conduct Committee (Committee), is based on a Complaint filed against FPG and Dorrity on April 23, 2013, and a settlement offer submitted by FPG and Dorrity.
The Committee found that FPG and Dorrity engaged in excessive trading in order to churn customer accounts and thereby cheat and defraud customers. The Committee also found that FPG and Dorrity used misleading sales solicitations, mishandled a customer account and failed to supervise FPG employees.
If, after the conclusion of Dorrity's eight-year bar, Dorrity applies for NFA membership, associate membership or principal status with any NFA Member, he must pay a fine of $100,000 within 30 days of the date on which he is granted NFA membership or principal status. He is also prohibited from managing, directing or exercising discretionary trading over any customer account and from acting in any supervisory capacity with an NFA Member or acting as the sole associated person and listed principal of an NFA Member.