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June 06, 2019
NFA orders Houston, Texas introducing broker Classic Energy LLC to pay a $200,000 fine and suspends its president, Mathew Webb, from NFA membership
June 6, Chicago—NFA has ordered Houston, Texas introducing broker Classic Energy LLC (Classic Energy) to pay a $200,000 fine and has suspended its president, Mathew Webb from NFA membership through January 3, 2022.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee (BCC), and a settlement offer submitted by Classic Energy and Webb. The Hearing Panel found that Classic Energy and Webb failed to uphold high standards of commercial honor and just and equitable principles of trade. The Hearing Panel also found that Classic Energy failed to maintain adequate and complete records and failed to adequately supervise.