Initiated By
North Carolina Securities Division
Allegations
The North Carolina Securities Division issued a temporary cease and desist order against Mr. Ferry, requiring that he, among other things, cease and desist from all advisory activities in the State of North Carolina, and suspending his application for registration as an investment adviser. On January 9, 2020, Respondents submitted a Request for Hearing.
Resolution
Consent
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$60,000.00
Sanctions
HIRE A THIRD-PARTY COMPLIANCE CONSULTANT TO PERFORM AN ANNUAL ONSITE AUDIT OF FCM AND MR. FERRY ON OR AFTER JUNE 30, 2021, AND SUBMIT THE AUDIT FINDINGS TO THE SECURITIES DIVISION. IN ADDITION, FCM'S ADVISORY AFFILIATE, MR. FERRY, MUST, AT HIS OWN EXPENSE, REGISTER, ATTEND, AND PARTICIPATE IN THE DIVISION'S INVESTMENT ADVISER BEST PRACTICES WORKSHOP WITHIN 12 MONTHS OF THE ENTRY OF THE ORDER (I.E., WITHIN 12 MONTHS OF APRIL 16, 2020). FURTHER, BOTH FCM AND MR. FERRY WERE ORDERED TO NOT TAKE ANY ACTION, OR MAKE, OR PERMIT TO BE MADE, ANY PUBLIC STATEMENT, DENYING, DIRECTLY OR INDIRECTLY, ANY FINDING IN THE ORDER OR CREATING THE IMPRESSION THAT THE ORDER WAS WITHOUT FACTUAL BASIS.