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B P FINANCIAL OF BOSTON, INC
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0186609
Individuals Involved:
- SCOTT BRIAN AMSTER
- PAUL RICHARD BELL
- RICHARD WAYNE BETTA
- VINCENT C CAMMARATA
- ANTONIO FERNANDO DELLAGLIO
- PHILIP G GRABARNICK
- ELLIS K KAHN
- EDWARD LERNER
- JOSEPH F PIERCE
- DENNIS FRANCIS ROGERS
- ORLANDO SAAVEDRA
ON JULY 31, 1987, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT AGAINST JCC, INC. ("JCC"). THE COMPLAINT ALLEGES THAT JCC DECEIVED COMMODITY FUTURES CUSTOMERS IN VIOLATION OF NFA COMPLIANCE RULE 2-2(a) AND THAT JCC DECEIVED, MISLED AND USED HIGH PRESSURE COMMUNICATION WITH THE PUBLIC IN VIOLATION OF NFA COMPLIANCE RULE 2-29. THE COMPLAINT FURTHER ALLEGES THAT JCC FAILED TO SUPERVISE DILIGENTLY THE COMMODITY FUTURES ACTIVITIES OF ITS EMPLOYEES IN VIOLATION OF NFA COMPLIANCE RULE 2-9. THE COMPLAINT ALSO ALLEGES THAT JCC FAILED TO OBTAIN CUSTOMER INFORMATION IN A PROPER MANNER AND FAILED TO PROVIDE ADDITIONAL DISCLOSURE OF RISKS IN VIOLATION OF NFA COMPLIANCE RULE 2-30 AND THAT JCC WILLFULLY SUBMITTED MATERIALLY FALSE OR MISLEADING INFORMATION TO NFA IN VIOLATION OF NFA COMPLIANCE RULE 2-2(f). FINALLY, THE COMPLAINT ALLEGES THAT JCC FAILED TO UPHOLD HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN VIOLATION OF NFA COMPLIANCE RULE 2-4. Decision:
ON SEPTEMBER 28, 1989, THE CENTRAL COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED BP'S SETTLEMENT OFFER. THE DECISION REQUIRES BP TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP.
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