NFA ACTION: GFS Forex & Futures Inc.

On December 16, 2009, the NFA issued a Complaint against GFS Forex & Futures Inc., its principal Yun Lun Ho, and Matthew Paul Censullo. The Complaint alleged that GFS failed to provide the NFA with a copy of a notice of bulk liquidation and transfer of customer accounts before it was posted on GFS’s website, in violation of NFA Compliance Rule 2-40. The Complaint further alleged that GFS violated NFA Compliance Rule 2-36(bX1) due to the use of misleading promotional material by Censullo and, pursuant to NFA Compliance Rule 2-36(d), due to the use of misleading promotional material by a third-party solicitor. Finally, the Complaint alleged that GFS and Ho violated NFA Compliance Rule 2-36(e) for failing to supervise the activities of GFS and its employees.

GFS and Ho both submitted an Offer in which, without admitting or denying the allegations against them in the Complaint, and in consideration of the dismissal of Count lV against Ho, they propose to settle this case by consenting to findings that GFS committed the violations alleged against it in the Complaint and agreeing that GFS shall pay a fine of $35,000.

Having considered the matter and having accepted the Offer submitted by GFS and Ho the Committee orders GFS to pay a fine of $35,000 within thirty days of the effective date of this Decision.

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