Broker Takes Fight Against Industry Ban to the Supreme Court
Lawrence Fejokwu and his company, Chazon QTA Quantitative Trading Artists LLC, was banned from National Futures Association (NFA) membership after Fejokwu refused to help with its investigation. The U.S. Commodity Futures Trading Commission (CFTC) agreed with the NFA, and the Third Circuit ruled that the CFTC didn’t abuse its discretion in sustaining the ban. Now, Fejokwu has filed a Petition for Writ of Certiorari with the U.S. Supreme Court.
In his Petition, Fejokwu, who is pro se, raises three essential matters:
- Whether “willfulness” allows for a reasonable good-faith defense.
- Whether the CFTC can delegate certain authority to the NFA.
- Whether the NFA followed appropriate due-process.
Fejokwu summed up his case with the following question:
“Will the NFA empowered by the rubber-stamp of the CFTC, and the acquiescence and imprimatur of federal courts in the name of “agency deference” be allowed to continue to function as a supreme power unto itself – by using its Rule 2-5 “Failure to Cooperate”, as a catchall, omnipotent, limitless weapon to target and destroy parties the NFA simply does not like or wants out of their club, without any pretense of due-process, fairness, or justice? Is the NFA the Supreme Court of the United States of America or is this Court, the Supreme Court of the United States of America?”
The Supreme Court has yet to decide to hear the case.
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