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BACHUS & STRATTON COMMODITIES, INC
CASE OUTCOME: FINE OF $250,000 and EXPELLED FROM MEMBERSHIP
NFA ID:
0197022
Individuals Involved:
- ANTHONY PATRICK BARONE
- ROGER GABRIEL BENAYOUN
- CARLTON ADOLPHUS BROWN
- DAVID CARL BURT
- EINSTEIN CISVEST INC
- JAYSON SCOTT KLINE
- MELVIN KLINE
- RICHARD HARVEY LANGLEY
- RICHARD STRATTON LOVE
- JOHN MARTIN LUPU
- CHRISTOPHER JOSEPH MARTORANO
- MEL SILVERS
ON MAY 8, 1992, NFA'S CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT TO BACHUS & STRATTON COMMODITIES, INC. ("BACHUS"). THE COMPLAINT ALLEGES THAT BACHUS USED FALSE, MISLEADING, DECEPTIVE AND UNBALANCED PROMOTIONAL MATERIAL IN VIOLATION OF NFA COMPLIANCE RULES 2-2(A), 2-29(A)(1), 2-29(B)(1), (2) AND (3). THE COMPLAINT ALSO ALLEGES THAT BACHUS WILLFULLY SUBMITTED MATERIALLY FALSE OR MISLEADING INFORMATION TO NFA IN VIOLATION OF NFA COMPLIANCE RULE 2-2(F). FURTHERMORE, THE COMPLAINT ALLEGES THAT BACHUS USED FALSE, DECEPTIVE, MISLEADING AND UNBALANCED SALES SOLICITATIONS IN VIOLATION OF NFA COMPLIANCE RULES 2-2(A), 2-29(A)(1), 2-29(B)(1), (2) AND (3). MOREOVER, THE COMPLAINT ALLEGES THAT BACHUS USED HIGH-PRESSURE SALES TACTICS IN VIOLATION OF NFA COMPLIANCE RULE 2-29(a)(2). THE COMPLAINT GOES ON TO ALLEGE THAT BACHUS CHEATED, DEFRAUDED OR DECEIVED FUTURES CUSTOMERS BY CHURNING THEIR ACCOUNTS IN VIOLATION OF NFA COMPLIANCE RULE 2-2(a); THAT BACHUS FAILED TO MAINTAIN REQUIRED MINIMUM NET CAPITAL IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTION 1; AND THAT BACHUS FAILED TO UPHOLD HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN THE CONDUCT OF ITS COMMODITY FUTURES BUSINESS IN VIOLATION OF NFA COMPLIANCE RULE 2-4. Decision:
ON FEBRUARY 5, 1993, A DESIGNATED PANEL OF THE CENTRAL COMMITTEE ISSUED A DECISION TO BACHUS AND RICHARD STRATTON LOVE AFTER A HEARING WAS HELD. THE PANEL EXPELLED BACHUS FROM NFA MEMBERSHIP AND ORDERED THE FIRM TO PAY A FINE OF $250,000. THIS DECISION BECOMES EFFECTIVE ON MARCH 1, 1993.
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