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FIRST NATIONAL MONETARY CORP
CASE OUTCOME: PERMANENT INJUNCTION
NFA ID:
0001520
Overview:
December 20, 1982 Docket #83-2533DT Washington -- The Commodity Futures Trading Commission announced today that it has filed suit in Illinois against First National Monetary Corporation (FNMC) of Southfield, Michigan, charging violations of the Commodity Exchange Act in connection with the offer and sale of certain contracts in precious metals and coins. The civil complaint against the commodity trading advisor was filed December 16, in U.S. District Court for the Northern District of Illinois. The firm has branch offices in New York City; Irvine, California; Miami, Florida; and Dallas, Texas. First National Monetary Corporation is charged with violations of the anti-fraud provision of the Commodity Exchange Act arising out of the company's activities in advertising, promoting and selling to the public certain contracts for the purchase or delivery of various precious metals and coins. FNMC is alleged to have engaged in a deceptive, misleading sales campaign falsely representing the nature, liquidity and profitability of the contract it offers. The CFTC suit seeks an order permanently enjoining FNMC from further violations of the Act, a freeze on the defendant's assets, an accounting of all assets and property of the defendant, and an order that the defendant disgorge to the equity receiver, if appointed, all benefits it received as a result of its alleged illegal activities.
Source: National Futures Association
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