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ENGLAND MARK W
CASE OUTCOME: CEASE AND DESIST ORDER
• TRADING PRIVILEGES REVOKED
NFA ID:
0176201
Overview:
Release: 2934-88 June 7, 1988 CFTC Docket #88-18 Washington--The Commodity Futures Trading Commission announced today that it has filed an eleven count administrative complaint against Paragon Futures Association of Chicago, IL, a guaranteed introducing broker of Refco, Inc.; Refco, Inc., of Chicago, a futures commission merchant; Richard J. Izdebski of Woodstock, IL; Chris E. Anderson of Naperville, IL; Mark W. England of Wheaton, IL; William B. Harris of Chicago, IL; Jerry L. Savicz of Hammond, IN; and Fred R. VanDerlinde of Waukegan, IL. The Commission also announced that it has simultaneously accepted the settlement offers of Paragon, Izdebski, Anderson, England and VanDerlinde. The eleven-count administrative complaint charges violations of the anti-fraud, registration, recordkeeping, supervision and the commodity trading advisor disclosure provisions of the Commodity Exchange Act and Commission regulations. Paragon, Refco, Izdebski, Anderson, Harris, and Douglas Hinshaw were charged with churning customer accounts, introduced by Paragon to Refco; Refco was also charged with churning of commodity interest accounts of Refco customers. Paragon, Refco, Izdebski, Anderson, Harris and Savicz were charged with unauthorized trading; Paragon, Refco, Anderson and VanDerlinde were charged with failure to supervise; Izdebski, Anderson, England and Savicz were charged with making false statements in connection with the registration of Paragon; Harris was charged with making false statements in connection with his registration from 1977 to 1985; Harris was also charged with a failure to register while employed as an associated person (AP) of Paragon and failure to provide a disclosure document; VanDerlinde was charged with supervising associated persons without being registered; Paragon, Izdebski and Anderson were charged with permitting unregistered persons to solicit and trade customer accounts and with permitting an unregistered person to supervise its APs; and finally, Paragon, Anderson and Izdebski were charged with a failure to maintain records. Without admitting or denying the allegations in the complaint, Paragon, Izdebski, Anderson, England and VanDerlinde each consented to Commission findings that they violated the provisions of the Act and regulations as charged. All were ordered to cease and desist from further violations of the provisions charged. Paragon has also been prohibited from trading on or subject to the rules of any exchange and has agreed that it will never apply for registration with the Commission in any capacity. Izdebski has been prohibited from trading on or subject to the rules of any exchange for two years and ordered to pay a civil penalty of $10,000. Additionally, Izdebski has agreed not to apply for registration with the Commission in any capacity for 15 years and not to become a principal of any entity that is required to be registered with the Commission for 15 years. Anderson has been prohibited from trading on or subject to the rules of any exchange for two years, his registration as an associated person is suspended for thirty days and he was ordered to pay a civil penalty of $5,000. England has been prohibited from trading on or subject to the rules of any exchange for one year and ordered to pay a civil penalty of $2,000. England has also agreed not to apply for registration with the Commission for two years. VanDerlinde has been prohibited from trading on or subject to the rules of any exchange for two years. He has also agreed not to apply for registration with the Commission in any capacity for two years and not to engage in the supervision of any person engaged in the solicitation or acceptance of customer orders for commodity futures or options for five years. Following a public hearing and an administrative law judge decision, the Commission issued a cease and desist order and provided other sanctions against Refco and Savicz on 04/01/92. The case is still on appeal with regard to Harris and Hinshaw.
Source: National Futures Association
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