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HARTFORD FINANCIAL GROUP, INC
CASE OUTCOME: EXPELLED FROM MEMBERSHIP
NFA ID:
0275227
Complaint:
ON AUGUST 6, 1998, NFA'S BUSINESS CONDUCT COMMITTEE ("BCC") ISSUED A COMPLAINT TO HARTFORD FINANCIAL GROUP, INC. ("HARTFORD"), GLENN R. TAUBMAN ("TAUBMAN") AND GARY V. VALLETTA ("VALLETTA"). THE COMPLAINT ALLEGES THAT HARTFORD USED PROMOTIONAL MATERIAL WHICH WAS MISLEADING AND WHICH WAS UNBALANCED IN ITS PRESENTATION OF THE POSSIBILITY OF PROFIT AND THE RISK OF LOSS, IN VIOLATION OF NFA COMPLIANCE RULES 2-29(b)(1), 2-29(b)(2) and 2-29(b)(3). THE COMPLAINT FURTHER ALLEGES THAT HARTFORD FAILED TO MAINTAIN REQUIRED RECORDS RELATING TO PROMOTIONAL MATERIAL, IN VIOLATION OF NFA COMPLIANCE RULE 2-29(f). FINALLY, THE COMPLAINT ALLEGES THAT HARTFORD, TAUBMAN AND VALLETTA FAILED TO SUPERVISE, IN VIOLATION OF NFA COMPLIANCE RULE 2-9(a). Decision:
ON NOVEMBER 18, 1998, NFA'S BCC ISSUED A DEFAULT DECISION TO HARTFORD. THE BCC ORDERED HARTFORD EXPELLED FROM NFA MEMBERSHIP. THIS DECISION BECOMES EFFECTIVE DECEMBER 3, 1998.
Source: National Futures Association
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