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
|
|
INFINITY TRADING CO, INC
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
• FINE $250,000
NFA ID:
0234700
Complaint:
ON JUNE 15, 1994, NFA'S BUSINESS CONDUCT COMMITTEE ("COMMITTEE") ISSUED A COMPLAINT TO INFINITY TRADING COMPANY, INC. ("INFINITY") AND KATHY KELLY ("KELLY"). THE COMPLAINT ALLEGES THAT INFINITY AND KELLY USED DECEPTIVE AND MISLEADING PROMOTIONAL MATERIAL IN VIOLATION OF NFA COMPLIANCE RULES 2-2(A), 2-29(A)(1), 2-29(B)(1) AND 2-29(B)(2). THE COMPLAINT ALSO ALLEGES THAT INFINITY AND KELLY FAILED TO COOPERATE PROMPTLY AND FULLY WITH NFA IN AN NFA INVESTIGATION IN VIOLATION OF NFA COMPLIANCE RULE 2-5. THE COMPLAINT FURTHER ALLEGES THAT INFINITY FAILED TO MAINTAIN REQUIRED NET CAPITAL AND FAILED TO FILE TELEGRAPHIC NOTICE THEREOF IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTIONS 9 AND 10. FINALLY, THE COMPLAINT ALLEGES THAT INFINITY FAILED TO KEEP REQUIRED BOOKS AND RECORDS IN VIOLATION OF NFA COMPLIANCE RULE 2-10. Decision:
ON OCTOBER 9, 1996, A DESIGNATED PANEL OF NFA'S HEARING COMMITTEE ISSUED A DECISION TO INFINITY AND KELLY AFTER A HEARING WAS HELD. THE PANEL FOUND THAT INFINITY AND KELLY USED DECEPTIVE AND MISLEADING PROMOTIONAL MATERIAL, IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a), 2-29(a)(1), 2-29(b)(1) AND 2-29(b)(2). THE PANEL ALSO FOUND THAT INFINITY AND KELLY FAILED TO COOPERATE WITH NFA, IN VIOLATION OF NFA COMPLIANCE RULE 2-5. IN ADDITION, THE PANEL FOUND THAT INFINITY FAILED TO MAINTAIN REQUIRED NET CAPITAL AND FAILED TO FILE TELEGRAPHIC NOTICE THEREOF, IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTIONS 9 AND 10. MOREOVER, THE PANEL FOUND THAT INFINITY FAILED TO MAINTAIN REQUIRED BOOKS AND RECORDS, IN VIOLATION OF NFA COMPLIANCE RULE 2-10. FURTHER, THE PANEL FOUND THAT INFINITY'S AND KELLY'S CONDUCT REGARDING THE AFOREMENTIONED FINDINGS WAS INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE. AS A RESULT OF THE AFOREMENTIONED FINDINGS, THE PANEL PERMANENTLY BARRED KELLY FROM ASSOCIATION WITH, ACTING AS A PRINCIPAL OF, AND ACTING IN A SUPERVISORY CAPACITY WITH ANY NFA MEMBER EVEN IF THAT CAPACITY DOES NOT REQUIRE REGISTRATION OR ASSOCIATE MEMBERSHIP. THE PANEL ALSO PERMANENTLY BARRED INFINITY FROM NFA MEMBERSHIP. THE PANEL ORDERED INFINITY AND KELLY TO PAY A FINE OF $250,000 FOR WHICH THEY ARE JOINTLY AND SEVERALLY LIABLE. FURTHERMORE, THE PANEL ORDERED INFINITY AND KELLY TO PAY ALL OUTSTANDING ARBITRATION AND REPARATIONS AWARDS BEFORE PAYING THE FINE. THIS DECISION BECOMES EFFECTIVE OCTOBER 24, 1996.
Source: National Futures Association
Visit:
|