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NFA bars Streamwood, Ill. introducing broker Portfolio Managers Inc. from membership
February 29, Chicago—National Futures Association (NFA) has permanently barred Portfolio Managers, Inc. (PMI), an NFA Member introducing broker located in Streamwood, Ill., and PMI's LA branch office associated persons (AP) Christopher M. Hogan and Thomas G. Heneghan from membership and from acting as principals of an NFA Member. In addition, NFA barred PMI's sole principal Amanda L. Murphy from membership and from acting as a principal of an NFA Member for four years, and its LA branch office AP Andrey A. Zhukov for three years.
The Decisions are based on a Complaint authorized by NFA's Business Conduct Committee (BCC) on December 21, 2015, and a settlement offer submitted by PMI and Murphy. An NFA Hearing Panel found that PMI, acting through the APs at its LA branch office, made misleading, deceptive and high-pressure sales solicitations, and willfully submitted false and misleading information to NFA. In addition, the Hearing Panel found that PMI and Murphy failed to supervise PMI's operations and its APs' sales practices. The BCC found that Heneghan and Zhukov made misleading and deceptive sales solicitations to customers and used high-pressure sales tactics. The BCC also found that Hogan provided NFA with materially false and misleading information, and failed to diligently supervise the operations and employees of PMI.
The complete text of the Complaint, the PMI and Murphy Decision, and the Heneghan, Hogan and Zhukov Decision can be viewed on NFA's website.