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September 18, 2015
NFA bars Burnet, Texas firm McElhannon Group from membership
September 18, Chicago—National Futures Association (NFA) has permanently barred the McElhannon Group, Inc. (McElhannon Group), an NFA Member commodity trading advisor, from membership and from acting as a principal of an NFA Member.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint authorized by the BCC on May 28, 2015. The Complaint also named Philip M. Worley, a principal of the McElhannon Group, as a respondent.
Prior to the issuance of NFA's Complaint, NFA's Executive Committee took an emergency action, suspending both the McElhannon Group and Worley from membership for failing to cooperate in an NFA examination.
The BCC found that the McElhannon Group used false and misleading promotional material, claiming a rate of return of 457 percent over a 13-year period for its forex managed account program. In addition, the BCC found that the McElhannon Group failed to comply with the terms of NFA's emergency enforcement action by continuing to actively solicit customers to trade forex. The McElhannon Group's willful refusal to cooperate with NFA during its examination prevented NFA from completing its examination. Such conduct on the part of the McElhannon Group strikes at the heart of NFA's examination function, which depends upon the full cooperation of NFA Members in order to operate effectively.