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LLOYD STEVENS & CO, INC
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0257918
Complaint:
ON APRIL 16, 1998, NFA'S BUSINESS CONDUCT COMMITTEE ISSUED A COMPLAINT TO LLOYD, STEVENS & CO., INC. ("LSC"). THE COMPLAINT ALLEGED THAT LSC USED DECEPTIVE, MISLEADING, AND UNBALANCED PROMOTIONAL MATERIAL, IN VIOLATION OF NFA COMPLIANCE RULES 2-29(b)(1), 2-29(b)(2), AND 2-29(b)(3). Decision:
ON NOVEMBER 24, 1998, NFA'S BCC ISSUED A DECISION ACCEPTING LSC'S SETTLEMENT OFFER IN WHICH IT NEITHER ADMITTED NOR DENIED THE ALLEGATIONS OF THE COMPLAINT. THE BCC ORDERED LSC TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP. THE BCC ALSO ORDERED STEVEN P. SCHINKE ("SCHINKE"), PRESIDENT AND AP OF LSC, WHO IS NOT NAMED IN THE COMPLAINT, TO WITHDRAW FROM NFA ASSOCIATE MEMBERSHIP AND NOT REAPPLY FOR OR WORK IN ANY CAPACITY REQUIRING NFA MEMBERSHIP OR ASSOCIATE MEMBERSHIP FOR A PERIOD OF ONE YEAR FROM THE DATE OF THE DECISION. FINALLY, THE BCC ORDERED THAT IF, IN THE FUTURE, SCHINKE BECOMES AN NFA ASSOCIATE, HE SHALL CAUSE HIS SPONSOR TO EXECUTE A SUPPLEMENTAL SPONSOR CERTIFICATION STATEMENT ACCEPTABLE TO NFA, PROVIDING FOR ENHANCED SUPERVISION OF HIM. THIS DECISION BECOMES EFFECTIVE DECEMBER 9, 1998.
Source: National Futures Association
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