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June 24, 2020
NFA bars Scott Joseph Gecas, a former associated person, from membership for five years
June 24, Chicago—NFA has barred Scott Joseph Gecas from membership and from acting as a principal of an NFA Member for five years. Gecas was an associated person (AP) of former Chicago, Ill. NFA Member introducing broker Long Leaf Trading Group, Inc. (Long Leaf).
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 Gecas. The Hearing Panel found that Gecas, while an AP of Long Leaf, among other things, made misleading sales solicitations to prospective customers that exaggerated profit potential and failed to disclose that over 95% of Long Leaf's customers lost money. The Panel also found that Gecas engaged in misleading communications with Long Leaf customers that downplayed their losses and concealed the negative impact of Long Leaf's trading strategy on the customers' equity.