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LLOYD ALEXANDER FUTURES, LTD
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0210246
Complaint:
ON JUNE 12, 1990, THE EASTERN REGIONAL BUSINESS CONDUCT COMMITTEE ("EASTERN COMMITTEE") ISSUED A COMPLAINT AGAINST LLOYD ALEXANDER FUTURES, LTD. ("LLOYD ALEXANDER"), JOHN SILVESTRO ("SILVESTRO"), WILLIAM CHRISTOPHER ALLEN ("ALLEN") AND PETER S. MARRON ("MARRON"). THE COMPLAINT ALLEGES THAT LLOYD ALEXANDER VIOLATED NFA COMPLIANCE RULES 2-16, 2-29(A), 2-29(B)(1), 2- 29(B)(2) AND 2-29(B)(3), THAT MARRON VIOLATED NFA COMPLIANCE RULES 2-16, 2-29(B)(1), 2-29(B)(2) AND 2-29(B)(3) AND THAT SILVESTRO AND ALLEN VIOLATED NFA COMPLIANCE RULE 2-29(B)(3) BY MAKING SALES SOLICITATIONS WHICH WERE STANDARDIZED ORAL PRESEN- TATIONS, WHICH CONTAINED MISLEADING STATEMENTS CONCERNING THE PERFORMANCE RECORD OF ITS CUSTOMERS AS WELL AS THE NATURE OF THE RISK DISCLOSURE STATEMENTS, WHICH DISCUSSED PROFIT POTENTIAL OF OPTIONS TRADING WITHOUT INCLUDING AN EQUALLY PROMINENT DISCUSSION OF THE RISK OF LOSS, WHICH STRESSED THE URGENCY OF MAKING AN INVESTMENT AND WHICH GENERALLY EMPLOYED A HIGH-PRESSURE SALES APPROACH. THE COMPLAINT ALSO ALLEGES THAT LLOYD ALEXANDER VIOLATED NFA COMPLIANCE RULE 2-22 BY REPRESENTING THAT IT HAD A "PRESTIGIOUS RATING" IN THE FUTURES INDUSTRY DUE TO ITS MEMBER- SHIP IN NFA. Decision:
ON JUNE 10, 1992, NFA'S EASTERN COMMITTEE ISSUED A DECISION TO LLOYD ALEXANDER IN WHICH IT ACCEPTED ITS SETTLEMENT OFFER IN WHICH THE FIRM NEITHER ADMITTED NOR DENIED THE ALLEGATIONS CONTAINED IN THE COMPLAINT. THE DECISION ORDERED LLOYD ALEXANDER TO WITHDRAW FROM NFA MEMBERSHIP AND NEVER TO REAPPLY.
Source: National Futures Association
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