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March 18, 2021
For more information contact:
Kristen Scaletta, 312-781-7860, kscaletta@nfa.futures.org
Karen Wuertz, 312-781-1335, kwuertz@nfa.futures.org
NFA orders former Akron, Ohio commodity pool operator Argo Wealth Management, Inc. never to reapply for membership
March 18, Chicago—NFA has ordered Argo Wealth Management, Inc. (Argo), a former NFA Member commodity pool operator located in Akron, Ohio, never to reapply for membership or act as a principal of an NFA Member.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee and a settlement offer submitted by Argo, in which it neither admitted nor denied the allegations. The Complaint alleges that Argo failed to disclose the impact of so-called "commission rebates" on the profit potential of pool participants, and the extent of fees and commissions that would be charged and their significant impact on the pool. The Complaint also alleges that Argo used deceptive and misleading promotional material. Lastly, the Complaint alleges that Argo made a deceptive and misleading claim to a customer that the customer's overall costs would be lower if the customer invested in the Argo pool and failed to diligently supervise the firm and its employees and agents.
For more information, read the Complaint and Decision.