Commodity Brokers Online - Custom Search
|
Enter Search Keyword(s):
Custom Search for 1,000 + Commodity Webpages. All Sites have been Reviewed and Categorized by
CommodityFuturesSearch.com
|
Commodity Trading Resources
|
|
GEMINI INVESTMENTS, INC
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0222892
Complaint:
ON JUNE 27, 1991, NFA'S WESTERN REGIONAL BUSINESS CONDUCT COMMITTEEE ("WESTERN COMMITTEE") ISSUED A SIX-COUNT COMPLAINT TO THOMAS JOSEPH PERKINS d/b/a GEMINI INVESTMENTS, INC. ("PERKINS"), SOPHIA LAL ("LAL") AND BUFORT LEFTWICH ("LEFTWICH"). THE COMPLAINT ALLEGES THAT PERKINS AND LEFTWICH USED DECEPTIVE SALES SOLICITATIONS AND COMMUNICATION WITH THE PUBLIC WHICH EMPLOYED A HIGH-PRESSURE APRROACH IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a), 2-29(a)(1) AND 2-29(a)(2). THE COMPLAINT ALSO ALLEGES THAT PERKINS, LEFTWICH AND LAL USED PROMOTIONAL MATERIAL WHICH MENTIONS THE POSSIBILITY OF PROFIT WITHOUT BEING ACCOMPANIED BY AN EQUALLY PROMINENT STATEMENT OF THE RISK OF LOSS IN VIOLATION OF NFA COMPLIANCE RULE 2-29(b)(3). THE COMPLAINT FURTHER ALLEGES THAT LEFTWICH AND PERKINS FAILED TO UPHOLD HIGH PRINCIPLES OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN VIOLATION OF NFA COMPLIANCE RULE 2-4. THE COMPLAINT ALSO ALLEGES THAT PERKINS, LEFTWICH AND LAL CHEATED, DEFRAUDED OR DECEIVED OR ATTEMPTED TO CHEAT, DEFRAUD OR DECEIVE COMMODITY FUTURES CUSTOMERS IN VIOLATION OF NFA COMPLIANCE RULE 2-2(a). THE COMPLAINT FURTHER ALLEGES THAT PERKINS ALLOWED A PERSON TO ACT AS AN ASSOCIATED PERSON WITHOUT THE BENEFIT OF PROPER REGISTRATION AS SUCH IN VIOLATION OF NFA BYLAW 301(b). THE COMPLAINT ALSO ALLEGES THAT PERKINS USED FRAUDULENT OR DECEITFUL COMMUNICATION WITH THE PUBLIC IN VIOLATION OF NFA COMPLIANCE RULE 2-29(a)(1). THE COMPLAINT ALLEGES THAT JAMES LAWRENCE SMITH WAS A CAUSE OF SUCH VIOLATION. FINALLY, THE COMPLAINT ALLEGES THAT PERKINS FAILED TO SUPERVISE HIS EMPLOYEES AND AGENTS IN THE CONDUCT OF THEIR COMMODITY FUTURES ACTIVITIES FOR OR ON BEHALF OF HIS FIRM IN VIOLATION OF NFA COMPLIANCE RULE 2-9. Decision:
DECISION -- SOPHIA LAL AND JAMES LAWRENCE SMITH ON OCTOBER 30, 1991, THE WESTERN COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED LAL'S AND SMITH'S SETTLEMENT OFFERS IN WHICH THEY NEITHER ADMITTED NOR DENIED THE ALLEGATIONS CONTAINED IN THE COMPLAINT. THE DECISION ORDERED THAT LAL AND SMITH BE BARRED FROM NFA MEMBERSHIP, AP AND PRINCIPAL STATUS FOR THREE AND TWO YEARS, RESPECTIVELY. DECISION -- THOMAS JOSEPH PERKINS AND BUFORT LEFTWICH ON OCTOBER 30, 1991, THE WESTERN COMMITTEE ISSUED A DECISION TO PERKINS AND LEFTWICH WHO FAILED TO FILE AN ANSWER TO THE COMPLAINT. THEREFORE, PURSUANT TO NFA COMPLIANCE RULE 3-5, THEY ARE DEEMED TO HAVE ADMITTED THE ALLEGATIONS OF FACT AND CONCLUSIONS OF LAW CONTAINED IN THE COMPLAINT. BASED ON THE ADMISSIONS OF ALL THE ALLEGATIONS AND CONCLUSIONS OF THE COMPLAINT, THE WESTERN COMMITTEE FOUND THAT PERKINS AND LEFTWICH COMMITTED EACH AND EVERY ONE OF THE ACTS ALLEGED IN THE COMPLAINT. THE DECISION BARRED PERKINS AND LEFTWICH FROM NFA MEMBERSHIP OR ASSOCIATE OR PRINCIPAL STATUS WITH ANY NFA MEMBER.
Source: National Futures Association
Visit:
|