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For more information contact:
Kristen Scaletta (312) 781-7860, kscaletta@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA bars British Virgin Islands firms Primary Assets Management Corporation and Accredited Investment Management Corp. from membership

August 28, Chicago—National Futures Association (NFA) has permanently barred Primary Assets Management Corporation (Primary Assets), an NFA Member commodity trading advisor and commodity pool operator, and Accredited Investment Management Corp. (Accredited Investment), a former NFA Member introducing broker, from membership. Peter G. Catranis, the firms' principal, was also ordered to withdraw from NFA membership and not to register as an associated person or act as a principal of an NFA Member for four years.

The Decision, issued by an NFA Hearing Panel, is based on a Complaint authorized by NFA's Business Conduct Committee on March 17, 2015, and a settlement offer submitted by Primary Assets, Accredited Investment and Catranis. The Complaint alleged that Primary Assets, Accredited Investment and Catranis used misleading promotional material that exaggerated the profit potential, downplayed the risk of trading futures, and included hypothetical results that were not identified as such. The Complaint also alleged that Primary Assets, Accredited Investment and Catranis recommended and/or placed trades that maximized commissions but did not serve the best economic interests of the customers. Finally, the Complaint alleged that Primary Assets, Accredited Investment and Catranis failed to maintain adequate books and records and diligently supervise the firms' operations.

Catranis and Accredited Investment (formerly known as Catranco) were also named in an NFA Complaint issued several years ago, in which they were charged with using misleading promotional material, failing to observe high standards of commercial honor, and failing to maintain adequate books and records.

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