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APACHE TRADING CORPORATION
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0000649
Individuals Involved:
- PHILIP JACOB BARATZ
- PAUL H CLANCY
- JOHN ANTHONY DEANGELIS
- KENNETH BRUCE ELIAS
- SALVATORE LOUIS MARTORANO
- CARLOS MANUEL MORMENEO
- HAROLD EDWARD SEIGEL
ON OCTOBER 19, 1987, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT AGAINST APACHE TRADING CORPORATION ("APACHE"), PAUL H. CLANCY ("CLANCY"), CARLOS MANUEL MORMENEO ("MORMENEO"), JOHN A. DEANGELIS ("DEANGELIS"), PHILIP JACOB BARATZ ("BARATZ"), HAROLD EDWARD SEIGEL ("SEIGEL"), KENNETH BRUCE ELIAS ("ELIAS") AND SALVATORE LOUIS MARTORANO ("MARTORANO"). THE COMPLAINT ALLEGES THAT APACHE, ELIAS, MARTORANO, DEANGELIS, BARATZ AND SEIGEL DECEIVED COMMODITY FUTURES CUSTOMERS IN VIOLATION OF NFA COMPLIANCE RULES 2-2(A) AND 2-29(A), AND EMPLOYED DECEPTIVE, MISLEADING AND HIGH PRESSURE COMMUNICATION WITH THE PUBLIC IN VIOLATION OF NFA COMPLIANCE RULE 2-29. THE COMPLAINT ALSO ALLEGES THAT APACHE FAILED TO DILIGENTLY SUPERVISE EMPLOYEES AND AGENTS IN THE CONDUCT OF THEIR COMMODITY FUTURES ACTIVITIES ON BEHALF OF THE MEMBER IN VIOLATION OF NFA COMPLIANCE RULE 2-9; CLANCY, MORMENEO AND DEANGELIS ARE ALLEGED TO HAVE BEEN THE CAUSES OF SUCH VIOLATION. APACHE AND CLANCY ARE ALLEGED TO HAVE MADE WILLFUL SUBMISSIONS OF MATERIALLY FALSE AND MISLEADING INFORMATION TO NFA IN VIOLATION OF NFA COMPLIANCE RULE 2-2(F). THE COMPLAINT FURTHER ALLEGES THAT APACHE TRANSACTED BUSINESS WITH A NON-MEMBER OF NFA WHO WAS REQUIRED TO BE REGISTERED WITH THE CFTC IN VIOLATION OF NFA BYLAW 1101 AND NFA COMPLIANCE RULE 2-4. THE COMPLAINT FINALLY ALLEGES THAT APACHE, CLANCY, MORMENEO, DEANGELIS, BARATZ, SEIGEL, ELIAS AND MARTORANO FAILED TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN VIOLATION OF NFA COMPLIANCE RULE 2-4. Decision:
DECISION - APACHE TRADING CORPORATION AND PAUL H. CLANCY ON AUGUST 19, 1992, NFA'S CENTRAL COMMITTEE ACCEPTED APACHE AND CLANCY'S SETTLEMENT OFFER IN WHICH THEY NEITHER ADMITTED NOR DENIED THE ALLEGATIONS CONTAINED IN THE COMPLAINT. THE DECISION ORDERS APACHE TO PERMANENTLY WITHDRAW ITS NFA MEMBERSHIP AND REQUEST PERMANENT WITHDRAWAL OF ITS COMMODITY FUTURES TRADING COMMISSION REGISTRATION. THE DECISION ALSO ORDERS THAT CLANCY BE PERMANENTLY BARRED FROM NFA MEMBERSHIP. THIS DECISION BECOMES EFFECTIVE ON AUGUST 31, 1992.
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