Posted 8/22/2014 11:35 am
Updated 3 months ago
Two of the top officers at Turner Grain Merchandising Inc. of Brinkley are no longer listed as principals in a related company, according to the National Futures Association.
Turner's President Dale Bartlett and Vice President Jason Coleman had been listed as principals with Neauman Coleman & Co. LLC of Brinkley since 2006. Bartlett and Coleman each own at least a 10 percent interest in Neauman Coleman & Co., which shares an address with Turner.
On Tuesday, Neauman Coleman & Co. notified the NFA that Bartlett and Coleman were no longer principals of the company.
"The firm notified us by filing withdraw notices for both of those individuals that they are no longer principals of the firm," Michael Crowley, NFA's associate general counsel, told Arkansas Business. "That's all the registration records show."
The company is named for Neauman Coleman, who is Jason Coleman's uncle. Coleman's status as an NFA associate member through his company remains in place, according to the NFA.
By being registered, the company could "conduct futures-related business with members of the public,"
But Bartlett and Coleman, as principals, didn't have that ability to conduct the futures-related business, only the company,
Neauman Coleman, Jason Coleman and Bartlett haven't returned several calls for comment.
Sources have told Arkansas Business that Turner Grain appears to be close to filing for bankruptcy protection, leaving the farmers with whom it does business worried about breached contracts and possible losses.
Two sources have told Arkansas Business that the company's losses could be in the millions. Officials with Turner Grain have not returned calls for comment.