Trading activity that favored the firm, Lyons, and a “preferred” GMG client earned both defendants additional commissions.
Yesterday, the National Futures Association (NFA), the financial derivatives industry’s self-regulatory organization, charged London-based intermediate broker GMG Brokers LTD and its CEO, Marco Saviozzi, and deputy CEO, Jason Terence Lyons, with violating multiple NFA Compliance Regulations.
According to the Complaint, the firm and Lyons committed fraud and violated business honor and fair and equitable trade practices. Lyons’s deceptive interaction with GMG’s clients was against their best interests. Trading activity that favored the firm, Lyons, and a “preferred” GMG client earned both defendants additional commissions. GMG and Saviozzi failed to oversee, according to the NFA.
All defendants disputed the claims in the official press release.
The NFA has penalized GMG Brokers, Saviozzi, and Lyons: GMG $225,000, of which Saviozzi is accountable for $50,000; Lyons $125,000 and remove from NFA associate membership by May 1, 2023. After renouncing, he cannot join the NFA for 120 days.
