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ERIK DING
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0264368
Complaint:
ON DECEMBER 31, 1996, NFA'S BUSINESS CONDUCT COMMITTEE ("BCC") ISSUED A COMPLAINT TO ERIC DING D/B/A 1ST WORLD GROUP ("1ST WORLD"). THE COMPLAINT ALLEGES THAT 1ST WORLD FAILED TO COOPERATE AND PROVIDED FALSE INFORMATION TO NFA, IN VIOLATION OF NFA COMPLIANCE RULES 2-2(f) and 2-5. THE COMPLAINT ALSO ALLEGES THAT 1ST WORLD USED DECEPTIVE AND MISLEADING PROMOTIONAL MATERIAL, IN VIOLATION OF NFA COMPLIANCE RULES 2-29(b)(1) and 2-29(b)(2). Decision:
ON FEBRUARY 12, 1997, NFA'S BCC ISSUED A DECISION TO 1ST WORLD WHEREIN THE BCC FOUND THAT 1ST WORLD WAS DULY SERVED WITH THE COMPLAINT AS PROVIDED BY NFA BYLAWS AND RULES. THE BCC ALSO FOUND THAT 1ST WORLD FAILED TO FILE AN ANSWER TO THE COMPLAINT AND IS DEEMED, PURSUANT TO NFA COMPLIANCE RULE 3-6, TO HAVE ADMITTED THE ALLEGATIONS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE COMPLAINT AND TO HAVE WAIVED ITS RIGHT TO A HEARING. THEREFORE, THE BCC FOUND THAT 1ST WORLD HAS COMMITTED EACH AND EVERY ONE OF THE SERIOUS ACTS ALLEGED IN THE COMPLAINT AND HAS VIOLATED NFA COMPLIANCE RULES 2-2(f), 2-5 AND 2-29(b)(1) AND (2). THE BCC ALSO FOUND THAT THESE ACTS AND OMISSIONS CONSTITUTE CONDUCT WHICH IS INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE. AS A RESULT OF ITS FINDINGS, THE BCC PERMANENTLY BARRED 1ST WORLD FROM NFA MEMBERSHIP. THIS DECISION BECOMES EFFECTIVE FEBRUARY 27, 1997
Source: National Futures Association
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