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FINANCIAL MEDIA DISTRIBUTION, INC
CASE OUTCOME: FINE (JOINTLY AND SEVERALLY) $25000
• PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0287990
Complaint:
On August 28, 2001, NFA's Business Conduct Committee ("BCC") issued a Complaint to Financial Media Distribution, Inc. ("Financial Media") and W. David Seigler, Jr. ("Seigler"). The Complaint alleges that Financial Media and Seigler made deceptive and misleading sales solicitations, in violation of NFA Compliance Rule 2-29(a)(1). The Complaint also alleges that Financial Media and Seigler failed to diligently supervise employees and agents in the conduct of their commodity futures activities, in violation of NFA Compliance Rule 2-9. Decision:
On June 27, 2002, NFA's Hearing Panel ("Panel") issued a Decision to Financial Media and Seigler after a hearing was held. The Panel found that Financial Media and Seigler violated NFA Compliance Rules 2-29(a)(1) and 2-9 and ordered that Financial Media be permanently barred from NFA membership and that Seigler be permanently barred from acting as a supervisory principal with any NFA Member firm. The Panel also ordered that Seigler and Financial Media pay a $25,000 fine within thirty days of the effective date of the Decision and they are jointly and severally liable for the fine. Finally, the Panel ordered that Seigler be barred from NFA Associate membership for two years from the effective date of the Decision and any firm with which Seigler does become associated after two years must tape record Seigler's conversations with existing and potential customers. Seigler may petition to have this condition lifted after one year. This Decision becomes effective July 12, 2002.
Source: National Futures Association
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