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FIDELITY MERCANTILE CORP
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0259211
Complaint:
On May 18, 2000, NFA's Business Conduct Committee ("BCC") issued a Complaint to Fidelity Mercantile Corp. ("Fidelity Mercantile"), Dean K. Piper ("Piper"), Terry J. Dorrity ("Dorrity") and Jason Mangano ("Mangano"). The Complaint alleges that Fidelity Mercantile and Piper improperly trained and failed to supervise Fidelity Mercantile's associated persons ("APs"), in violation of NFA Compliance Rule 2-9(a). The Complaint also alleges that Fidelity Mercantile and Mangano made misleading sale solicitations, in violation of NFA Compliance Rule 2-29(a)(1). Further, the Complaint alleges that Piper and Dorrity provided false information to NFA, in violation of NFA Compliance Rule 2-2(f). Finally, the Complaint alleges that Piper failed to cooperate with NFA in the course of an audit, in violation of NFA Compliance Rule 2-5. Decision:
On September 6, 2000, NFA's Hearing Panel ("Panel") issued a Decision accepting Fidelity Mercantile and Piper's settlement offer, wherein Respondents neither admitted nor denied the allegations of the Complaint. The Panel ordered Fidelity Mercantile to withdraw from NFA membership immediately and never reapply. Further, the Panel ordered Piper to withdraw from NFA membership and associate membership immediately and not reapply for a period of three years. The Panel also provided that if Piper becomes an NFA Member or Associate after three years, for a period of one year, he cannot supervise any NFA Member or Associate, or be a principal of any NFA Member that sponsors Associates other than himself. This Decision becomes effective September 21, 2000.
Source: National Futures Association
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