Graydon Elliott shut down

Paul Tracy in the Graydon Elliott Daytona Prototype at the Rolex 24 in 2006

The IDA hearing panel found that Graydon Elliott had "failed to meet IDA minimum capital requirements from January 1 to February 26, 2007; provided inaccurate, misleading and contradictory information concerning its financial and other affairs on several occasions when under close scrutiny by the IDA; and engaged in a variety of financial transactions that seemed, at best, questionable, and at worst, improper, and in violation of various requirements imposed upon it by the IDA." On the upside, the expulsion will not effect any clients, as Graydon currently has no accounts, assets or even employees. All client accounts were transferred to Penson Financial Services Inc. when Graydon was suspended in February.