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GREAT AMERICAN COMMODITIES, INC
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0190158
Complaint:
ON JULY 19, 1989, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT AGAINST GREAT AMERICAN COMMODITIES, INC. ("GAC"), JAN RICHARD WOLOSKY ("WOLOSKY"), STEVEN ADAM NATAL ("NATAL"), ROBERT L. JACOBSOHN ("JACOBSOHN"), AND ALLEN J. WACHHOLDER ("WACHHOLDER"). THE COMPLAINT ALLEGES THAT GAC, NATAL, JACOBSOHN, AND WACHHOLDER VIOLATED NFA COMPLIANCE RULE 2-2(A) BY CHEATING, DEFRAUDING OR DECEIVING OR ATTEMPTING TO CHEAT, DEFRAUD OR DECEIVE COMMODITY FUTURES CUSTOMERS. THE COMPLAINT ALSO ALLEGES THAT GAC, NATAL, WACHHOLDER, AND JACOBSOHN VIOLATED NFA COMPLIANCE RULES 2-16 AND 2-29(A)(1) BY USING FRAUDULENT AND DECEPTIVE SALES COMMUNICATION WITH THE PUBLIC. THE COMPLAINT ADDITIONALLY ALLEGES THAT GAC VIOLATED NFA COMPLIANCE RULE 2-9 BY FAILING TO DILIGENTLY SUPERVISE ITS EMPLOYEES AND AGENTS IN THE CONDUCT OF THEIR COMMODITY FUTURES ACTIVITIES ON BEHALF OF THE MEMBER AND THAT WOLOSKY WAS THE CAUSE OF THIS VIOLATION. FINALLY, THE COMPLAINT ALLEGES THAT GAC, WOLOSKY, AND NATAL VIOLATED NFA COMPLIANCE RULE 2-4 BY FAILING TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE AND NFA COMPLIANCE RULE 2-29(A)(2) BY USING HIGH-PRESSURE SALES TACTICS. Decision:
ON JUNE 20, 1990, THE CENTRAL COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED WOLOSKY'S AND GAC'S SETTLEMENT OFFER. THE DECISION DIRECTS GAC AND WOLOSKY TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP. THIS DECISION BECOMES EFFECTIVE ON JULY 2, 1990.
Source: National Futures Association
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