NFA - National Futures Association

08/05/2024 | Press release | Distributed by Public on 08/05/2024 10:09

NFA permanently prohibits Glencoe, Ill. commodity pool operator East West Global LLC and its principal Luke Adrian from NFA membership and principal status

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For Immediate Release
August 5, 2024

For more information contact:

Christie von Ohlen, 312-781-1497, [email protected]
Karen Wuertz, 312-781-1335, [email protected]

NFA permanently prohibits Glencoe, Ill. commodity pool operator East West Global LLC and its principal Luke Adrian from NFA membership and principal status

August 5, Chicago--NFA has permanently prohibited East West Global LLC (East West Global), a former NFA Member commodity pool operator located in Glencoe, Ill., from reapplying for membership and from acting or being listed as a principal of an NFA Member. NFA has also permanently prohibited Luke James Adrian (Adrian), a former principal and associated person of East West Global, from applying for NFA membership, reapplying for NFA associate membership and from acting or being listed as a principal of an NFA Member.

The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee (BCC) and a settlement offer submitted by East West Global and Adrian. In the settlement offer, the firm and Adrian neither admitted nor denied the allegations in the Complaint.

The BCC's Complaint alleged that East West Global and Adrian violated NFA Compliance Rules 2-2(a), 2-4, 2-29(a) and 2-29(b) by engaging in a deceptive course of conduct involving a commodity pool they operated, called iFund Diversified I, LLC (the Fund). The Complaint alleged East West Global and Adrian made material changes to the Fund that involved how the firm and Adrian used participants' retirement funds, and which changed the entire tenor of the investment, but failed to adequately disclose the changes and their consequences to participants and failed to act in participants' best interests. The Complaint further alleges that East West Global and Adrian misled participants to believe they would receive their initial investments back, despite a substantial shortfall in the Fund, and used deceptive and misleading communications and promotional materials.

The complete text of the Complaint and Decision can be viewed on NFA's website.