April 09, 2019
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NFA orders Highland Park, Ill. commodity pool operator East West Global, LLC and its principal Luke James Adrian to jointly pay a $75,000 fine
April 9, Chicago—NFA has ordered Highland Park, Ill. commodity pool operator East West Global, LLC and its principal and associated person Luke James Adrian to jointly pay a $75,000 fine.
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 East West Global and Adrian. The Hearing Panel found that East West Global made deceptive and misleading sales solicitations to pool participants and failed to uphold high standards of commercial honor and just and equitable principles of trade by utilizing materially inaccurate and deficient disclosure documents. NFA's Complaint alleged that East West Global and Adrian employed a strategy that relied on extremely high fees that generated significant revenue for East West Global, at the expense of the firm's pool participants, and failed to adequately disclose the high fees and poor overall performance of the pools. The Complaint also alleged that East West Global and Adrian knew these disclosure documents were materially inaccurate and likely to deceive pool participants. In addition, the Hearing Panel found that East West Global and Adrian failed to adequately supervise the firm's operations and employees.
The complete text of the Complaint and Decision can be viewed on NFA's website.