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CAPITAL OPTIONS INVESTMENTS
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0199039
Individuals Involved:
LEWIS CHARLES BERG
Complaint:
ON JUNE 21, 1989, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT AGAINST CAPITAL OPTIONS INVESTMENTS, INCORPORATED ("CAPITAL") AND LEWIS CHARLES BERG ("BERG"). THE COMPLAINT ALLEGES THAT CAPITAL AND BERG VIOLATED NFA COMPLIANCE RULES 2-29(B)(1) AND (3) BY USING DECEPTIVE AND UNBALANCED PROMOTIONAL MATERIAL AND THAT CAPITAL VIOLATED NFA COMPLIANCE RULE 2-29(C) BY FAILING TO MAINTAIN A RECORD OF ITS REVIEW AND APPROVAL OF ITS PROMOTIONAL MATERIAL. THE COMPLAINT ALSO ALLEGES THAT CAPITAL VIOLATED NFA COMPLIANCE RULES 2-30(G) AND (H) BY FAILING TO ESTABLISH PROCEDURES TO PROVIDE ADDITIONAL RISK DISCLOSURE, FAILING TO SUPERVISE THE ACTIVITIES OF ITS ASSOCI- ATES IN OBTAINING CUSTOMER INFORMATION AND FAILING TO MAINTAIN A WRITTEN RECORD OF APPROVAL OF CUSTOMER ACCOUNTS. Decision:
ON MARCH 20, 1991, NFA'S CENTRAL COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED CAPITAL'S AND BERG'S SETTLEMENT OFFER. CAPITAL AND BERG NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT, BUT PURSUANT TO THEIR OFFER, CAPITAL AGREED TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP AND BERG AGREED NOT TO APPLY TO BECOME AN NFA MEMBER OR ASSOCIATED IN ANY CAPACITY WITH AN NFA MEMBER FOR A PERIOD OF ONE YEAR FOLLOWING THE DATE OF THE DECISION. THE DECISION FURTHER STATES THAT NEITHER THE OFFER OF SETTLEMENT AND ANY DECISION ISSUED PURSUANT TO SUCH OFFER NOR THE ALLEGATIONS CONTAINED IN THE COMPLAINT IN THIS MATTER SHALL BE USED BY NFA AS THE SOLE BASIS TO DENY, CONDITION OR RESTRICT ANY FUTURE APPLICATION FOR REGISTRATION SUBMITTED BY BERG.
Source: National Futures Association
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