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BAXTER INVESTMENTS, INC
CASE OUTCOME: PERMANENT INJUNCTION
• PROTECT BOOKS
• FREEZE ASSETS
• DISGORGEMENT $0
NFA ID:
0205337
Individuals Involved:
- JOSE A HERNANDEZ
- SAMUEL JOSE HERNANDEZ
Washington--The Commodity Futures Trading Commission announced today that it has filed a five count injunctive complaint in the United States District Court for the Southern District of Florida against Baxter Investments, Inc., of Miami, Florida, a registered futures commission merchant, commodity pool operator and commodity trading advisor; Jose Hernandez of Miami, Florida; and Samuel J. Hernandez, also of Miami, Florida. The complaint, filed on November 21, 1988 alleges that from at least October 1987, to at least October 1988, Baxter J. Hernandez and S. Hernandez violated the anti-fraud provisions of the Commodity Exchange Act by fraudulently misrepresenting and omitting material facts when selling exchange-traded commodity futures and option contracts. The complaint also charges Baxter and J. Hernandez with conversion and embezzlement by diverting customer funds into accounts opened and controlled by J. Hernandez. The complaint further alleges that Baxter, J. Hernandez and S. Hernandez failed to maintain required books and records for inspection. J. Hernandez is charged with acting as an associated person (AP) of Baxter without being registered as required by the Commodity Exchange Act and Commission regulations and Baxter is charged with permitting J. Hernandez to function as an AP without being registered. In addition, the complaint charges Baxter and S. Hernandez with failing to supervise diligently its officers, employees and agents. On the same day the complaint was filed, United States District Judge Edward B. Davis granted the Commission's motion for an ex parte order freezing the assets of Baxter, J. Hernandez, and S. Hernandez and prohibiting the defendants from destroying books and records, or denying the Commission access to books and records. A hearing on the Commission's motion for a preliminary injunction will be held in Miami on November 30, 1988.
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