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HVM HOLDINGS, INC
CASE OUTCOME: EXPELLED FROM MEMBERSHIP
NFA ID:
0287376
Complaint:
On June 2, 2004, NFA's Business Conduct Committee ("BCC") issued a Complaint to HVM Holdings, Inc. ("HVM") and Harold H. Morris ("Morris"). The Complaint alleges that HVM and Morris made misleading solicitations to the public, in violation of NFA Compliance Rules 2-2(a) and 2-29(a)(1). The Complaint also alleges that HVM and Morris reported inaccurate and incomplete information regarding customers' investment experience and failed to have required procedures for gathering and reviewing customer information and providing appropriate risk disclosure, in violation of NFA Compliance Rule 2-30. Further, the Complaint alleges that HVM and Morris placed unauthorized trades, in violation of NFA Compliance Rule 2-4. The Complaint also alleges that HVM failed to obtain required information regarding leads, in violation of NFA Compliance Rule 2-9(a). Finally, the Complaint alleges that HVM failed to maintain required books and records and failed to give telegraphic notice, in violation of NFA Compliance RUle 2-10 and NFA Financial Requirements Section 5(c). Decision:
On September 8, 2004, NFA's Hearing Panel ("Panel") issued a Decision accepting HVM's and Morris' settlement offer, in which they neither admitted nor denied the allegations of the Complaint. The Panel ordered that HVM's NFA membership be terminated and that HVM never apply for NFA membership at any time in the future. The Panel ordered that Morris' NFA associate membership be terminated and that Morris not apply for NFA associate membership for 3 years. The Panel further ordered that Morris never apply to be an NFA Member or to be a principal of any NFA Member and he may not act in a supervisory capacity for any NFA Member at any time in the future. This Decision becomes effective September 23, 2004.
Source: National Futures Association
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