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September 24, 2013
NFA revokes registration of introducing broker Gold Coast Futures Group and its associated person Stanley C. Brooks
September 24, Chicago - National Futures Association (NFA) has revoked the registration of introducing broker Gold Coast Futures Group (Gold Coast) of San Clemente, California, and Stanley C. Brooks, an associated person and Gold Coast's sole listed principal.
In February, NFA issued a Notice of Intent to Revoke Registration for both Brooks and Gold Coast, alleging that the Securities and Exchange Commission had barred Brooks from associating with any broker, dealer or investment adviser, and from participating in any offering of penny stock.
The Notice also alleged that Brooks should be disqualified from registration under Section 8a(3)(M) of the Commodity Exchange Act (Act), and that Gold Coast Futures Group should be disqualified from registration under Section 8a(3)(N) of the Act for having Brooks as its unfit principal.
A designated Subcommittee of NFA's Membership Committee held a hearing during which Brooks and Gold Coast presented witnesses and evidence. Ultimately, because of these statutory disqualifications, the Subcommittee issued a Final Order on Sept. 17, 2013 to revoke Brooks' and Gold Coast Futures Group's registrations pursuant to Section 8a(4) of the Act.
The Final Order becomes effective Oct. 17, 2013. Brooks and Gold Coast may file a Notice of Appeal with the Commodity Futures Trading Commission requesting that the CFTC review NFA's Final Order.