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For Immediate Release
July 29, 2014

For more information contact:
Larry Dyekman (312) 781-1372,
Karen Wuertz (312) 781-1335,

NFA orders Michigan forex firm Institutional Liquidity LLC and three of the firm's principals to pay $225,000 fine; firm must permanently withdraw from membership

July 29, Chicago — National Futures Association (NFA) has ordered Institutional Liquidity LLC (ILQ), a forex dealer Member of NFA located in Grand Rapids, Michigan, and three of the firm's principals and registered associated persons — Mark D. Krier (Krier), James D. Pieron (Pieron) and Jason L. Tanner (Tanner) — to pay a fine of $225,000. NFA also ordered ILQ to permanently withdraw from NFA membership. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed against ILQ, Krier, Pieron and Tanner on December 31, 2013, and a settlement offer submitted by ILQ, Krier, Pieron and Tanner.

The Complaint charged ILQ, Krier and Tanner with failure to cooperate promptly and fully with NFA in an NFA investigation. Additionally, the Complaint charged ILQ and Pieron with failing to diligently supervise their operations.

In addition, as part of the settlement offer, ILQ agreed to pay restitution in the amount of $123,152.32 to ILQ customers.

ILQ, Krier, Pieron and Tanner neither admitted nor denied the allegations made against them in the Complaint.

The complete text of the Complaint and the Decision can be viewed on NFA's website (

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