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ALPINE FINANCIAL CORP
CASE OUTCOME: Insert Outcome
NFA ID:
0251031
Individuals Involved:
JOSEPH JAMES MARCHIANO
Complaint:
ON MARCH 5, 1998, NFA'S BUSINESS CONDUCT COMMITTEE ("COMMITTEE") ISSUED A COMPLAINT TO ALPINE FINANCIAL CORPORATION ("ALPINE") AND JOSEPH J. MARCHIANO ("MARCHIANO"). THE COMPLAINT ALLEGES THAT ALPINE AND MARCHIANO FAILED TO COOPERATE WITH NFA, IN VIOLATION OF NFA COMPLIANCE RULE 2-5. THE COMPLAINT ALSO ALLEGES THAT ALPINE AND MARCHIANO FAILED TO SUPERVISE, IN VIOLATION OF NFA COMPLIANCE RULE 2-9(a). FINALLY, THE COMPLAINT ALLEGES THAT ALPINE'S COMMUNICATIONS WITH THE PUBLIC OPERATED AS A FRAUD OR DECEIT, IN VIOLATION OF NFA COMPLIANCE RULE 2-29(a)(1).
Decision:
ON MAY 28, 1998, NFA'S BCC ISSUED A DECISION TO ALPINE AND MARCHIANO. THE BCC FOUND THAT ALPINE AND MARCHIANO WERE PROPERLY SERVED WITH THE COMPLAINT BUT DID NOT RESPOND TO THE CHARGES AGAINST THEM. AS A RESULT, THE BCC DETERMINED THAT ALPINE AND MARCHIANO ADMITTED BOTH THE FACTUAL AND LEGAL CONCLUSIONS IN THE COMPLAINT. THEREFORE, THE BCC EXPELLED ALPINE FROM NFA MEMBERSHIP AND PERMANENTLY BARRED MARCHIANO FROM NFA MEMBERSHIP, ASSOCIATE STATUS WITH ANY NFA MEMBER, AND FROM ACTING AS A PRINCIPAL OF ANY NFA MEMBER, AS OF THE EFFECTIVE DATE OF THIS DECISION. THIS DECISION BECOMES EFFECTIVE JUNE 12, 1998.
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