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October 21, 2015
NFA bars Philip M. Worley, principal of Burnet, Texas firm McElhannon Group, from membership
October 21, Chicago—National Futures Association (NFA) has permanently barred Philip M. Worley, an associated person and a principal of Burnet, Texas firm McElhannon Group, Inc. (McElhannon Group), from membership and from acting as a principal of an NFA Member.
In September 2015, NFA also permanently barred McElhannon Group, an NFA Member commodity trading advisor, from membership and from acting as a principal of an NFA Member.
Prior to the issuance of NFA's Complaint, NFA's Executive Committee took an emergency action, suspending both McElhannon Group and Worley from membership for failing to cooperate in an NFA examination.
The Hearing Panel found that Worley used false and misleading promotional material, claiming a rate of return of 457 percent over a 13-year period for McElhannon Group's forex managed account program. In addition, the Hearing Panel found that Worley failed to comply with the terms of NFA's emergency enforcement action by continuing to actively solicit customers to trade forex.