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September 04, 2002
NFA suspends membership of Chicago firm and its owner
September 4, Chicago - National Futures Association (NFA) announced today that it has issued a Member Responsibility Action (MRA) suspending Melrose Asset Management Corporation (MAMC) and its principal owner John M. Lofgren from NFA membership. MAMC is a registered commodity pool operator and commodity trading advisor located in Chicago, Illinois.
The MRA alleges that MAMC and Lofgren have misappropriated at least $1,400,000 from The Melrose Fund LLC, a commodity pool they formed in 1998. The MRA also alleges that MAMC and Lofgren have issued to at least two pool participants false statements that did not disclose the unauthorized withdrawal of funds from The Melrose Fund by MAMC and Lofgren.
In addition to suspending MAMC and Lofgren from NFA membership, the MRA prohibits them from soliciting or accepting any customer or pool participant funds and disbursing any funds from any pool trading accounts. The MRA will remain in effect until NFA is satisfied that MAMC and Lofgren are in complete compliance with all NFA requirements.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives and other financial markets.