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CARRINGTON FINANCIAL CORP
CASE OUTCOME: CHARGES DISMISSED AGAINST CARRINGTON
NFA ID:
0240380
Individuals Involved:
- VALERIO A BERNABO
- RANDY JAY BURSTEIN
- DON DABRO
- ROBERT BRUCE DECKER
- WILLIAM ADAIR FAUST
- ALLEN NADEL
- MARC STEPHEN WUENSCH
ON FEBRUARY 12, 1997, NFA'S BUSINESS CONDUCT COMMITTEE ("BCC") ISSUED A COMPLAINT TO CARRINGTON FINANCIAL CORP. ("CARRINGTON"), MARC S. WUENSCH ("WUENSCH"), VALERIO A. BERNABO ("BERNABO"), RANDY J. BURSTEIN ("BURSTEIN"), DON DABRO ("DABRO"), ROBERT B. DECKER ("DECKER"), WILLIAM A. FAUST ("FAUST") AND ALLEN NADEL ("NADEL"). THE COMPLAINT ALLEGES THAT CARRINGTON, BERNABO, BURSTEIN, DABRO, DECKER, FAUST AND NADEL MADE COMMUNICATIONS WITH THE PUBLIC WHICH OPERATED AS A FRAUD OR DECEIT, IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a) AND 2-29(a)(1). IN ADDITION, THE COMPLAINT ALLEGES THAT CARRINGTON FAILED TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE, IN VIOLATION OF NFA COMPLIANCE RULE 2-4. FURTHER, THE COMPLAINT ALLEGES THAT CARRINGTON AND WUENSCH FAILED TO DILIGENTLY SUPERVISE EMPLOYEES AND AGENTS IN THE CONDUCT OF THEIR COMMODITY FUTURES ACTIVITIES, IN VIOLATION OF NFA COMPLIANCE RULE 2-9. Decision:
ORDER - CARRINGTON, WUENSCH, NADEL ON MARCH 16, 1999, NFA'S BCC ISSUED AN ORDER DISMISSING THE CHARGES AGAINST CARRINGTON, WUENSCH AND NADEL. DECISION - BERNABO, BURSTEIN, DABRO, DECKER & FAUST ON MAY 5, 1999, NFA'S BCC ISSUED A DECISION ACCEPTING BERNABO, BURSTEIN, DABRO, DECKER AND FAUST'S SETTLEMENT OFFERS IN WHICH THEY NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT. THE BCC ORDERED DECKER AND FAUST NOT TO REAPPLY FOR NFA MEMBERSHIP OR ASSOCIATE MEMBERSHIP FOR A PERIOD OF SIX MONTHS AND NOT TO ACT AS A PRINCIPAL OF AN NFA MEMBER. AFTER THE SIX-MONTH WITHDRAWAL PERIOD, THE BCC ORDERED DECKER AND FAUST TO TAPE RECORD ALL CONVERSATIONS BETWEEN EXISTING AND POTENTIAL CUSTOMERS FOR A PERIOD OF ONE YEAR. THE BCC ORDERED BERNABO, BURSTEIN AND DABRO TO TAPE RECORD, FOR AT LEAST FIVE HOURS PER MONTH, THEIR CONVERSATIONS BETWEEN EXISTING AND POTENTIAL CUSTOMERS FOR A PERIOD OF ONE YEAR. THE BCC ALSO ORDERED THAT BERNABO, BURSTEIN AND DABRO SHALL NOT ACT AS A PRINCIPAL OF AN NFA MEMBER FOR A PERIOD OF EIGHTEEN MONTHS. FINALLY, THE BCC ORDERED BERNABO, BURSTEIN AND DABRO TO EACH PAY A FINE OF $7,500. THIS DECISION BECOMES EFFECTIVE MAY 20, 1999.
Source: National Futures Association
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