Commodity Brokers Online - Custom Search
|
Enter Search Keyword(s):
Custom Search for 1,000 + Commodity Webpages. All Sites have been Reviewed and Categorized by
CommodityFuturesSearch.com
|
Commodity Trading Resources
|
|
AFFILIATED SECURITY BROKERS
CASE OUTCOME: Withdraws NFA Membership
NFA ID:
0086381
Individuals Involved:
JONATHAN J MITCHELL
Complaint:
ON OCTOBER 18, 1990, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT AGAINST AFFILIATED SECURITY BROKERS ("ASB") AND JONATHAN J. MITCHELL ("MITCHELL"). THE COMPLAINT ALLEGES THAT ASB AND MITCHELL VIOLATED NFA COMPLIANCE RULE 2-4 BY FAILING TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE. THE COMPLAINT ALSO ALLEGES THAT ASB VIOLATED NFA FINANCIAL REQUIREMENTS SECTION 9 BY ACCEPTING MONEY FROM A CUSTOMER TO MARGIN, GUARANTEE OR SECURE FUTURES OR OPTIONS TRADES AND VIOLATED NFA COMPLIANCE RULES 2-29(D) AND 2-29(E) BY FAILING TO ADOPT AND ENFORCE WRITTEN PROCEDURES TO SUPERVISE ITS ASSOCIATES AND EMPLOYEES IN THEIR PRODUCTION AND USE OF PROMOTIONAL MATERIAL AND BY FAILING TO MAINTAIN COPIES OF ITS PROMOTIONAL MATERIAL OR A RECORD OF ITS REVIEW AND APPROVAL FOR A PERIOD OF THREE YEARS. FINALLY, THE COMPLAINT ALLEGES THAT ASB VIOLATED NFA COMPLIANCE RULE 2-9 BY FAILING TO DILIGENTLY SUPERVISE ONE OF ITS EMPLOYEES OR AGENTS IN THE CONDUCT OF HIS COMMODITY FUTURES ACTIVITIES FOR OR ON BEHALF OF ASB. THE COMPLAINT ALLEGES THAT MITCHELL WAS A CAUSE OF THIS VIOLATION. Decision:
ON MARCH 20, 1991, NFA'S CENTRAL COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED ASB'S AND MITCHELL'S SETTLEMENT OFFER. ASB AND MITCHELL NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT, BUT PURSUANT TO THEIR OFFER, ASB WILL WITHDRAW ITS NFA MEMBERSHIP, REQUEST TO WITHDRAW ITS CFTC REGISTRATION AND NEVER APPLY FOR NFA MEMBERSHIP OR CFTC REGISTRATION AGAIN. MITCHELL AGREED TO BE BARRED FROM NFA MEMBERSHIP OR ASSOCIATE STATUS OR PRINCIPAL STATUS WITH ANY NFA MEMBER FOR A PERIOD OF THREE YEARS FROM THE DATE OF THE DECISION. MITCHELL MUST REQUEST TERMINATION OF HIS CFTC REGISTRATION. THE DECISION FURTHER STATES THAT AFTER THE THREE YEAR PERIOD OF MITCHELL'S BAR HAS BEEN SERVED, MITCHELL MAY NOT ACT IN A SUPERVISORY CAPACITY WITH ANY NFA MEMBER. FINALLY, THE DECISION STATES THAT NFA SHALL NOT INITIATE ANY FURTHER PROCEEDINGS AGAINST EITHER RESPONDENT BASED SOLELY ON THE FACTS UNDERLYING THIS MATTER. Commodity Broker Online Comments:
Visit:
|