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
|
|
INTERNATIONAL TRADING GROUP LTD
CASE OUTCOME: REGISTRATION REVOKED
NFA ID:
0002912
Overview:
Release: 3330-91 March 5, 1991 Washington--The Commodity Futures Trading Commission announced today the settlement of a three-count injunctive complaint which was filed on October 2, 1989, in the United States District Court for the central district of California against International Trading Group, Ltd., (ITG), located in San Mateo, California; David C. Beare of Portola Valley, California; and Bruce R. Beare of Del Mar, California. In addition, the Commission announced the filing and simultaneous settlement of a three-count administrative complaint against the defendents. In the injunctive case, Commodity Futures Trading Commission vs International Trading Group Ltd., David C. Beare and Bruce R. Beare, et al., Civil Action No. 89-5363 RSWL (GHKX), Judge Ronald S. W. Lew today entered an order of permanent injunction against International Trading Group, Ltd, David C. Beare and Bruce R. Beare (defendants). The defendents, without admitting or denying the allegations of the complaint, consented to the order permanently enjoining them from violating the antifraud and supervision provisions of the Commodity Exchange Act (Act) and Commission regulations. Specifically, the court order permanently enjoined the defendants, their officers, agents, employees, attorneys and all other persons in active concert or participation with them, from directly or indirectly, violating the Act and Commission regulations by cheating, defauding, or deceiving or attempting to cheat, defraud, or deceive other persons by making false, deceptive or misleading representation of material fact during the course of soliciting commodity options customers or prospective customers or omitting or failing to disclose material facts during the course of soliciting commodity options customers or prospective customers, and failing to supervise diligently the handling by their partners, officers, employees and agents of all commodity interest accounts. Two days after the Commission filed its complaint, an ex parte restraining order was entered by the court which froze the defendants' assets, prohibited destruction of books and records, and appointed a temporary receiver. ITG ceased business and entered bankruptcy shortly after the Commission filed its complaint. A temporary restraining order and a preliminary injunction have preserved the receivership and freeze during the pendency of the CFTC action. Prior to the entry of the order of permanent injunction in the Commission's case, Judge Lew entered an all-writs injunction, ordered all actions stayed, except the Commission's action, and appointed a receiver in a group of class action cases captioned, In Re: International Trading Group, Customer Account Litigation, Civil Action No. CV 89-5545 RSWL (GHKX) (Class Action). As stated in the Commission's injunctive order, the receiver in the Class Action is appointed to preserve assets for the benefit of ITG customers in those cases. Accordingly, Judge Lew further ordered, by consent, that the ancillary relief previously obtained in the Commission's case be dissolved and no further ancillary relief, including disgorgement, be required. Financial recovery for ITG customers from assets previously frozen and preserved by the receiver in the Commission's action will be pursued in the class action. In a related matter, the Commission announced the filing and simultaneous settlement of a three-count administrative complaint against ITG, D. Beare and B. Beare (respondents). The complaint alleged the same violations of the antifraud and supervision provisions of the Act and Commission regulations as were alleged in the injunctive action. In their offers of settlement, the respondents, without admitting or denying the allegations of the complaint, consented to findings that they violated the antifraud and supervision provisions of the Act and Commission regulations. The respondents also agreed to a Commission order directing them to cease and desist from violating the provisions of the Act and Commission regulations as charged; revoking the registrations of D. Beare and B. Beare as associated persons and ITG's registration as a futures commission merchant; and directing ITG never to reapply for registration. Finally, the Commission's order permanently prohibits the respondents from trading on or subject to the rules of any exchange.
Source: National Futures Association
Visit:
|