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INVESTOR ONE FINANCIAL CORP
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0307479
Complaint:
On May 26, 2005, NFA issued a Complaint charging Investor One, Batlle, Tamimi and Gandy with making deceptive and misleading sales solicitations. In addition, the Complaint charged Investor One, Batlle and Tamimi with using a high- pressure approach. The Complaint charged Investor One and Tamimi with failing to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged Investor One and Batlle with failing to diligently supervise employees and agents in the conduct of their commodity futures activities. To view complaint, go to Case Documents. For a copy of the Complaint, contact NFA. Decision:
On April 20, 2006, Investor One was permanently barred from NFA membership and from acting as a principal of an NFA Member. Batlle was ordered to pay a $7,500 fine and was suspended from NFA membership and associate membership for six months, beginning on June 1, 2006. During the suspension, Batlle was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. Should Batlle again become an NFA Member or Associate following his suspension, he must tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement begins on the date Batlle's suspension expires and he again becomes an NFA Member or Associate, and continue thereafter for six months. Only periods of time when Batlle is registered and actively soliciting customers, on a full-time basis, count toward the six-month taping period. Should Batlle again become a principal of an NFA Member, he shall cause all APs of that firm - and any other firm of which he is a principal - to tape record, for six months, all converations that occur between them and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Batlle becomes a principal and begin on the date that he becomes a principal of each firm, respectively. Only periods of time when Batlle is a principal of that particular firm and that firm is actively soliciting customers count toward the six-month taping period. Tamimi was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for six months. If, after the expiration of the six-month membership bar, Tamimi is granted NFA membership or associate membership, or becomes a principal of an NFA Member, he must pay a $5,000 fine, due and payable thirty days after he is granted NFA membership or associate membership, or becomes a principal of an NFA Member. Should Tamimi again become an NFA Member or Associate, he must tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement begins on the date Tamimi again becomes an NFA Member or Associate, and continue thereafter for six months. Only periods of time when Tamimi is registered and actively soliciting customers, on a full-time basis, count toward the six-month taping period. Should Tamimi become a principal of an NFA Member, he shall cause all APs of that firm - and any other firm of which he is a principal - to tape record, for six months, all converations that occur between them and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Tamimi becomes a principal and begin on the date that he becomes a principal of each firm, respectively. Only periods of time when Tamimi is a principal of that particular firm and that firm is actively soliciting customers count toward the six-month taping period.
Source: National Futures Association
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