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January 24, 2014
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NFA orders five-year membership suspension for Rylan Peters, a principal of previously disciplined Cincinnati firm QFC LLC
January 24, Chicago - National Futures Association (NFA) has suspended for five years the membership of Rylan Peters (Peters), a listed principal and registered associated person (AP) of QFC LLC (QFC), a former commodity pool operator (CPO) member of NFA located in Cincinnati, Ohio. The Decision, issued by NFA's Business Conduct Committee (Committee), is based on a Complaint filed against Peters and QFC on September 13, 2013, and a settlement offer submitted by Peters.
The Panel found that Peters failed to perform adequate due diligence prior to going into business with QFC's sole owner, Glen Galemmo (Galemmo), who had operated a $200 million Ponzi scheme, involving securities, since at least 2001, and registered QFC as an NFA Member CPO. The Committee also found that Peters left QFC in July 2011 to work at another job, and did not return to QFC until September 2012. During this time, however, Peters was QFC's only AP and listed principal. In addition to the five-year membership suspension, Peters is permanently barred from acting as a principal of an NFA Member.
In a previous Decision, issued on December 16, 2013, NFA permanently barred QFC from membership.
The complete text of the Complaint and Decision can be viewed on NFA's website.