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
|
|
AMERICAN FUTURES GROUP INC
CASE OUTCOME: EXPELLED FROM MEMBERSHIP
NFA ID:
0089434
Individuals Involved:
- BARRY ALLEN DAVIS
- BILL HOCKEMEYER
- GEORGE J PERK JR
- THOMAS G REEVES
- EVAN THOMAS TUCKER III
ON SEPTEMBER 5, 1995, NFA'S BUSINESS CONDUCT COMMITTEE ("COMMITTEE") ISSUED A COMPLAINT TO AMERICAN FUTURES GROUP, INC. ("AFG"), GEORGE J. PERK, JR. ("PERK"), THOMAS G. REEVES ("REEVES"), BILL HOCKEMEYER ("HOCKEMEYER"), BARRY A. DAVIS ("DAVIS") AND EVAN T. TUCKER, III ("TUCKER"). THE COMPLAINT ALLEGES THAT AFG FAILED TO MAINTAIN ADEQUATE BOOKS AND FINANCIAL RECORDS, IN VIOLATION OF NFA COMPLIANCE RULES 2-10, 2-31 AND FINANCIAL REQUIREMENTS SECTIONS 6 AND D3-A. THE COMPLAINT ALSO ALLEGES THAT AFG, HOCKEMEYER AND DAVIS USED DECEPTIVE AND MISLEADING SALES PRACTICES, IN VIOLATION OF NFA COMPLIANCE RULES 2-29(a)(1) AND 2-29(b)(1) AND (2). IN ADDITION, THE COMPLAINT ALLEGES THAT AFG, PERK, REEVES AND TUCKER FAILED TO OBSERVE HIGH STANDARDS OF COMMERICAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE, IN VIOLATION OF NFA COMPLIANCE RULE 2-4. MOREOVER, THE COMPLAINT ALLEGES THAT AFG, PERK AND REEVES FAILED TO SUPERVISE DILIGENTLY, IN VIOLATION OF NFA COMPLIANCE RULE 2-9. Decision:
ON MARCH 24, 1997, A DESIGNATED PANEL OF NFA'S HEARING COMMITTEE ("PANEL") ISSUED A DECISION TO AFG, PERK, REEVES, AND TUCKER AFTER A HEARING WAS HELD. THE PANEL FOUND THAT NFA HAD PROVEN ALL THE ALLEGATIONS ALLEGED IN THE COMPLAINT. AS A RESULT OF ITS FINDINGS, THE PANEL EXPELLED AFG FROM NFA MEMBERSHIP. FURTHER, THE PANEL PERMANENTLY BARRED PERK FROM ASSOCIATION WITH AND FROM ACTING AS A PRINCIPAL OF ANY NFA MEMBER. THE PANEL ALSO PERMANENTLY BARRED REEVES FROM ASSOCIATION WITH AND FROM ACTING AS A PRINCIPAL OF ANY NFA MEMBER. IN ADDITION, THE PANEL SUSPENDED TUCKER FROM ASSOCIATION WITH AND FROM ACTING AS A PRINCIPAL OF ANY NFA MEMBER AND PROHIBITED HIM FROM PROVIDING SALES TRAINING TO ANY EMPLOYEE OF ANY NFA MEMBER FOR TWO YEARS AFTER THE EFFECTIVE DATE OF THIS DECISION. THE PANEL ALSO PLACED RESTRICTIONS AND CONDITIONS ON TUCKER'S ACTIVITIES FOR TWO YEARS AFTER HIS SUSPENSION IS OVER, INCLUDING: HE MAY NOT FUNCTION AS A PRINCIPAL OR BRANCH OFFICE MANAGER; HE MAY NOT PROVIDE SALES TRAINING TO OR SUPERVISE ANY EMPLOYEE OF ANY NFA MEMBER; HIS SPONSOR MUST IMPLEMENT CERTAIN SUPERVISORY POLICIES AND PROCEDURES; AND HIS SPONSOR MUST TAPE-RECORD ALL OF HIS SALES SOLICITATIONS.
Visit:
|