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ARNEKAY, INC
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0002768
Individuals Involved:
JERAHN TILFORD KEMP, III
ARNE CLAYTON KOSKELA
Complaint:
ON MAY 6, 1997, NFA'S BUSINESS CONDUCT COMMITTEE ("COMMITTEE") ISSUED A COMPLAINT TO ARNEKAY, INC. ("ARNEKAY"), ARNE C. KOSKELA ("KOSKELA") AND JERAHN T. KEMP, III ("KEMP"). THE COMPLAINT ALLEGES THAT ARNEKAY AND KEMP MADE FRAUDULENT AND DECEPTIVE SALES SOLICITATIONS, IN VIOLATION OF NFA COMPLIANCE RULE 2-29(a)(1). THE COMPLAINT ALSO ALLEGES THAT ARNEKAY, KOSKELA AND KEMP FAILED TO ADEQUATELY SUPERVISE, IN VIOLATION OF NFA COMPLIANCE RULE 2-9. Decision:
DECISION - ARNEKAY AND KOSKELA ON DECEMBER 17, 1997, NFA'S BCC ISSUED A DECISION ACCEPTING ARNEKAY AND KOSKELA'S SETTLEMENT OFFER IN WHICH THEY NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT. THE BCC ORDERED ARNEKAY TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP, EFFECTIVE JANUARY 15, 1998. THE BCC ORDERED KOSKELA TO NEVER AGAIN WORK IN A SUPERVISORY POSITION, BUT ONLY AS AN AP. THE BCC ALSO ORDERED THAT KOSKELA CAUSE ANY FIRM WHICH SPONSORS HIM TO EXECUTE A SUPPLEMENTAL SPONSOR CERTIFICATION STATEMENT AGREEING TO UNDERTAKE ENHANCED SUPERVISION OF HIM FOR TWO YEARS. THIS DECISION BECOMES EFFECTIVE JANUARY 2, 1998. DECISION - JERAHN T. KEMP, III ON APRIL 13, 1998, A DESIGNATED PANEL OF NFA'S HEARING COMMITTEE ISSUED A DECISION TO KEMP ACCEPTING KEMP'S SETTLEMENT OFFER IN WHICH HE NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT. THE HEARING PANEL ORDERED KEMP TO NEVER REAPPLY FOR NFA MEMBERSHIP, ASSOCIATE STATUS OR TO WORK IN ANY CAPACITY REQUIRING NFA MEMBERSHIP OR CFTC REGISTRATION. THE HEARING PANEL ALSO ORDERED THAT IF KEMP FAILS TO ABIDE BY THE TERMS OF THE SETTLEMENT OFFER, THE ALLEGATIONS CONTAINED IN THE COMPLAINT AGAINST HIM WILL BE DEEMED ADMITTED AND CAN BE CONSIDERED IN ANY APPLICATION HE MAKES TO NFA OR THE CFTC FOR HIMSELF OR ON BEHALF OF ANY ENTITY THAT HE SPONSORS. THIS DECISION BECOMES EFFECTIVE APRIL 28, 1998.
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