NFA imposes a $350K fine on GMG Brokers and the CEO

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The National Futures Association (NFA) has imposed a $350,000 penalty against GMG Brokers LTD, a London-based brokerage company. The penalty also applies to two of the broker’s employees accused of engaging in deceptive conduct and failing to adhere to high business standards.

NFA imposes a $350K fine on GMG Brokers

NFA is a self-regulatory entity based in the United States. The organization has passed two orders regarding violations committed by GMG Brokers and its executives. One of the orders imposed a penalty of $225,000 against the company. The company’s CEO, Marco Saviozzi, will also share liability with the company to the tune of $50,000.

The second order was imposed against one of the broker’s employees. The employee in question is Jason Terence Lyons, who was required to pay a total fine of $125,000. Besides paying this fine, Lyons will also have to withdraw his membership from the NFA associate membership before 1 May 2023.

Lyons also faces a four-month ban from the NFA associate membership and principal status. The measures taken against him following his compliance enabled GMG Brokers to violate compliance rules and engage in deceptive measures.

GMG Brokers violated regulatory guidelines and engaged in deception

GMG is a brokerage company that was founded in 2009. The company runs its operations through its offices situated in Dubai and London. The NFA membership given to the company as an introducing broker enabled it to onboard clients in the United States.

However, the NFA believes that the brokerage company failed to comply with the guidelines that allowed it to operate in the US. The two orders passed by the NFA said that GMR Brokers and its CEO, Lyons failed to comply with multiple regulatory guidelines.

According to the official notice, “The complaint alleged that GMG and Lyons violated NFA Compliance Rules 2-2(a) and 2-4 by engaging in deceptive conduct, failing to observe high standards of commercial honor and just and equitable principals of trade, and acting contrary to their customer’s best interests.”

NFA also added that Lyons engaged in misleading communication with GMG customers and trading activities that prioritized the brokerage company and Lyons’ interests and those of a few. The NFA noted that the main goal behind GMG Brokers and Lyons was to collect additional brokerage fees from its clients.

The brokerage company, its CEO, and one of the employees mentioned in the two orders have agreed to a settlement with the self-regulatory organization. The two have agreed to pay the penalty but have neither admitted to nor denied the charges.

The penalties facing GMG Brokers and two of its employees add to the list of enforcement actions being taken by the NFA. The self-regulatory entity recently imposed heavy penalties on several companies for failing to comply with the guidelines. In December last year, the NFA fined GAIN Capital $700,000. Before this, Marex and Interactive Brokers were forced to pay a fine of $250,000 each.



Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including, CryptoSlate,,, Business2Community, BeinCrypto, and more.