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March 18, 2021
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NFA orders former principal and associated person Joel Vincent Newcomb never to reapply for membership
March 18, Chicago—NFA has ordered Joel Vincent Newcomb, a former principal and associated person of Argo Wealth Management, Inc. (Argo), never to reapply for membership or act as a principal of an NFA Member. Argo is a former NFA Member commodity pool operator located in Akron, Ohio.
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 Newcomb, in which he neither admitted nor denied the allegations. The Complaint alleges that he 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 Newcomb 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.