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EXECUTIVE COMMODITY CORP
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0292976
Complaint:
On November 12, 2004, NFA issued a Complaint charging ECC with using deceptive and misleading promotional material; failing to properly classify non-current assets; failing to maintain required minimum net capital; and failing to meet anti-money laundering requirements. ECC and Kennedy were charged with failing to diligently supervise employees and agents in the conduct of their commodity futures activities. ECC and Kennedy were charged with failure to uphold high standards of commercial honor and just and equitable principles of trade and Dym was alleged to be the cause of this violation. ECC and some of its APs were charged with making deceptive and misleading sales solicitations and using a high-pressure approach. Decision:
On June 20, 2006, Executive's NFA membership was terminated and Executive was ordered to never again apply for NFA membership. Kennedy was ordered to terminate his Associate NFA membership and his pending principal status with an NFA Member within thirty days from the date of issuance of the Decision. Kennedy was also ordered to never apply for NFA membership, associate membership or principal status with any NFA Member and not act in a supervisory capacity for any NFA Member at any time in the future. Cambell was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member unless and until he has paid a $12,500 fine in full. DeValle was suspended from NFA associate membership for a continuous period of thirty days and ordered to pay a $7,500 fine. Jimenez was ordered to pay a $15,000 fine. Larkins was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for six months. In addition, notwithstanding any other provisions of the Decision, Larkins was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member unless and until she has paid a $2,500 fine in full. Singh was ordered to pay a $10,000 fine. Vallee was ordered to pay a $7,500 fine. Temple was ordered to pay a $12,500 fine. In addition, Campbell, DeValle, Jimenez, Larkins, Singh, Vallee and Temple were ordered to tape record any and all conversations with customers or prospective customers for six months. In addition, Campbell, DeValle, Jimenez, Larkins, Singh, Vallee and Temple were ordered to cause any and all APs sponsored by any Member of which they are a principal during the six-month period to tape record any and all conversations with customers or prospective customers. Campbell, DeValle, Jimenez, Larkins, Singh, Vallee and Temple were further ordered to retain any and all recordings required to be created for one year from the date of their creation and promptly produce such recordings to NFA in a manner in which the participants and dates of the conversations can be readily identified. Only periods during which Campbell, DeValle, Jimenez, Larkins, Singh, Vallee and Temple are an NFA Member or a principal or an Associate of an NFA Member count toward the fulfillment of these obligations.
Source: National Futures Association
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