NFA orders Argo Wealth Management never to reapply for membership
The United States National Futures Association (NFA) today announces that it has ordered Argo Wealth Management, Inc. (Argo), a former NFA Member commodity pool operator located in Akron, Ohio, never to reapply for membership or act as a principal of an NFA Member.
The decision, which was issued by an NFA Hearing Panel, is based on a complaint issued by NFA’s Business Conduct Committee and a settlement offer submitted by Argo. According to the settlement, Argo neither admitted nor denied the allegations.
The complaint alleges that Argo failed to disclose the impact of so-called “commission rebates” on the profit potential of pool participants, and the extent of fees and commissions that would be charged and their significant impact on the pool. In addition, Argo used deceptive and misleading promotional material.
Lastly, the Complaint alleges that Argo made a deceptive and misleading claim to a customer that the customer’s overall costs would be lower if the customer invested in the Argo pool and failed to diligently supervise the firm and its employees and agents.
Also today, NFA announced orders against two former principals and associated persons of Argo – Daniel Morris Miller and Joel Vincent Newcomb.
Daniel Morris Miller is ordered not to reapply for membership or act as a principal of an NFA Member for a period of three years. If Miller seeks NFA membership or principal status with an NFA Member after expiration of his three-year membership bar, he must pay a $100,000 fine. Miller is also subject to certain restrictions for an additional two years, if he is again granted NFA membership status.
Miller allegedly failed to disclose the impact of so-called “commission rebates” on the profit potential of pool participants, and the extent of fees and commissions that would be charged and their significant impact on the pool. The complaint against Miller also alleges that he used deceptive and misleading promotional material and failed to diligently supervise the activities of Argo and its employees and agents.
Joel Vincent Newcomb is ordered never to reapply for membership or act as a principal of an NFA Member.
The Complaint against him alleges that he failed to disclose the impact of so-called “commission rebates” on the profit potential of pool participants, and the extent of fees and commissions that would be charged and their significant impact on the pool. The Complaint also alleges that Newcomb made a deceptive and misleading claim to a customer that the customer’s overall costs would be lower if the customer invested in the Argo pool.