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For Immediate Release
March 05, 2015

For more information contact:
Alex Vorro (312) 781-1454, avorro@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA takes emergency enforcement action against Burnet, Texas firm McElhannon Group, Inc. and its principal, Philip Mack Worley

March 5, Chicago—National Futures Association (NFA) announced today that it has taken an emergency enforcement action against McElhannon Group, Inc. (McElhannon), an NFA Member commodity trading advisor (CTA) located in Burnet, Texas, and Philip Mack Worley (Worley), a principal and associated person (AP) of McElhannon.

NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) to protect customers of McElhannon and Worley since McElhannon and Worley have failed to cooperate with NFA throughout its attempted examination of the firm.

Specifically, NFA received a complaint forwarded by the Texas State Securities Board that suggests Worley and McElhannon were using misleading and deceptive promotional materials. McElhannon's promotional material claimed a rate of return of 457 percent over a 13-year period for its forex managed account program. Because Worley and McElhannon have failed to cooperate with NFA throughout its attempted investigation of the firm, NFA is unable to determine whether the firm is in compliance with NFA requirements. Specifically, NFA has serious doubts regarding the authenticity of the returns featured in McElhannon's promotional material.

Effective immediately, McElhannon and Worley are suspended from NFA membership and associate membership. They also are prohibited from disbursing or transferring any customer funds over which either McElhannon, Worley or any person acting on behalf of McElhannon exercises control, without prior approval from NFA.

The MRA/ARA will remain in effect until such time as Worley and McElhannon have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA Requirements.

Worley and McElhannon may request a hearing before NFA's Hearing Committee.

The complete text of the MRA/ARA can be viewed on NFA's website.

The following Compliance staff member is responsible for this case: Sarah Walsh (312-781-1202).

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