Comment Text:
How does the CFTC oversea the National Futures Association
I am A Iowa Farmer
so first disclaimer ( I am not a good writer with a pen just a hard worker that is better working with a pith fork )
So please bear with me
I had a major broker (did outcry on mpls exchange) flagrantly violate the rules of the nfa and of the industry in handling my account that lead to a loos of over 500,000
When I contacted the NFA filed a complaint they informed me when I asked to travel to Chicago il over 300 miles meet with the nfa investigators provide my paper work and the paper work of my correspondence's between myself and broker
I was informed that their policy does not provide for me to meet with them
The NFA went and meet talked to broker and that was the end of their investigation with no enforcement actions taken
I then contacted the CFTC directly to Chief of Staff Clark Ogilvie
we set up for myself to travel to Kansas City a 300 mile trip one way to meet with CFTC investigators
I did this twice providing them my paper work and prof of authenticity of my paper work a copy of the rules of the nfa industry that was violated by broker and the NFA interpatation of them rules (We where told by the broker that rules are for the public to follow not the brokers)
I was contacted back By Mr Ogilvie and he said Doug you have it in black and white that the broker violated the rules handling your (MR Bell) account
He said he would contact the NFA ask why no enforcement actions on broker where taken
He called back with these results the NFA response was that no action was taken based on brokers conversation with investigators for what the broker said that Mr bell had told him that made his action ok?
We then discussed and I had no idea what I could of said that made these violations that went on for almost 10 days OK??
Mr Ogilvie then said he contact them back and would ask for what that could possiably be
When he contacted the NFA their response was that they could not tell MR Bell or the CFTC what was said to broker by Mr Bell for that was non public information
This not TRANPARENCY OF THE REGULATION PROCESS / BUT AND OPORTUNITY TO GUARD THEIR MEMEBERS (FOR THE nfA IS MADE UP BY THE MEMBERSHIP OF THE BROKERS AND INDSTRY PERSONAL )
I Asked the CFTC is there is a process for me to file complaint against the nfa for non enforcement of the rules fulfilling their responsibility to the public HOLDING THEM ACCOUNTABLE
I was told NO that my only venue would be to take the NFA to Federal court
I SUBMIT THAT THIS IS NOT OVER SEEING THE NFA AND PROTECTING THE PUBLIC
I will be attending the CFTC public hearing at Kansas City April 11 2019
and invite you to talk to me about my concern
Thank You
Doug L Bell
612- 267- 1145
