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May 04, 2017
NFA bars Pratik Patel, sole associated person of Houston, Texas, introducing broker Patel Futures LLC, from membership
May 4, ChicagoŚNational Futures Association (NFA) has permanently barred Pratik Patel, sole associated person and sole principal of Houston, Texas, introducing broker Patel Futures LLC (PFL), 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 February 21, 2017 and a settlement offer submitted by Patel. The Complaint alleged that Patel defrauded customers by providing them with false reports concerning the value of their investments and misappropriating their funds. The Complaint also alleged that Patel provided false and misleading information to NFA during NFA's examinations of PFL.