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FUTURES FINANCIAL ADVISORS OF PALM BEACH
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0190587
Complaint:
ON JANUARY 7, 1993, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT TO FUTURES FINANCIAL ADVISORS OF PALM BEACH ("FFA"). THE COMPLAINT ALLEGED THAT FFA USED FRAUDULENT OR DECEITFUL COMMUNICATIONS WITH THE PUBLIC AND USED PROMOTIONAL MATERIAL WHICH WAS DECEPTIVE, CONTAINED A MATERIAL MISSTATEMENT OF FACT OR OMITTED A FACT WHICH MADE THE PROMOTIONAL MATERIAL MISLEADING IN VIOLATION OF NFA COMPLIANCE RULES 2-29(a)(1), 2-29(b)(1) AND 2-29(b)(2). IN ADDITION, THE COMPLAINT ALLEGED THAT FFA USED A HIGH PRESSURE SALES APPROACH, MENTIONED THE POSSIBILITY OF PROFIT WITHOUT AN EQUALLY PROMINENT STATEMENT OF THE RISK OF LOSS, MENTIONED PAST PROFITS WITHOUT USING THE PRESCRIBED CAUTIONARY LANGUAGE AND FAILED TO KEEP REQUIRED RECORDS IN VIOLATION OF NFA COMPLIANCE RULES 2-29(a)(2), 2-29(b)(3), 2-29(b)(5) AND 2-29(e); FAILED TO SUBMIT OPTION PROMOTIONAL MATERIAL IN VIOLATION OF NFA COMPLIANCE RULE 2-19(c); AND FAILED TO SUPERVISE IN VIOLATION NFA COMPLIANCE RULE 2-9. Decision:
ON MAY 13, 1993, THE CENTRAL COMMITTEE ISSUED A DECISION ACCEPTING FFA'S SETTLEMENT OFFER IN WHICH IT NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT. THE CENTRAL COMMITTEE PERMANENTLY BARRED FFA FROM NFA MEMBERSHIP. THIS DECISION BECOMES EFFECTIVE MAY 24, 1993.
Source: National Futures Association
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