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December 18, 2013
NFA permanently bars Cincinnati commodity pool operator QFC LLC
December 18, Chicago - National Futures Association (NFA) has permanently barred QFC LLC (QFC), a commodity pool operator Member of NFA located in Cincinnati, Ohio from NFA membership. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed against QFC on September 13, 2013.
The Complaint alleged that QFC violated NFA rules by failing to uphold high standards of commercial honor and just and equitable principles of trade by failing to perform due diligence before entering into a business relationship with Glen Galemmo (Galemmo), an alleged Ponzi scheme operator, and listing Galemmo as a principal of the firm.
NFA served the Complaint on QFC by first-class and overnight mail at the last address the firm had provided to NFA. QFC failed to respond to the Complaint in any way and failed to respond to subsequent attempts by NFA to serve the Complaint. QFC is therefore deemed to have admitted the facts and legal conclusions alleged in the Complaint and to have waived its right to a hearing.
QFC may appeal this Decision to NFA's Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.