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MCDINE & ASSOCIATES, INC
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0223905
Complaint:
ON JUNE 24, 1992, NFA'S CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT TO DAVID DIRK MCDINE ("MCDINE") AND MCDINE & ASSOCIATES, INC. ("MAI"). THE COMPLAINT ALLEGES THAT MCDINE AND MAI WILLFULLY MADE FALSE REPORTS TO CUSTOMERS IN VIOLATION OF NFA COMPLIANCE RULE 2-2(c); CONVERTED MONEY FROM COMMODITY POOL CUSTOMERS IN VIOLATION OF NFA COMPLIANCE RULE 2-2(h); AND USED MISLEADING AND DECEPTIVE PROMOTIONAL MATERIAL IN VIOLATION OF NFA COMPLIANCE RULES 2-2(a), 2-29(a)(1), 2-29(b)(1) AND (2). THE COMPLAINT ALLEGES THAT MCDINE IS THE CAUSE OF THESE VIOLATIONS. THE COMPLAINT ALSO ALLEGES THAT MCDINE AND MAI FAILED TO COOPERATE IN AN NFA INVESTIGATION IN VIOLATION OF NFA COMPLIANCE 2-5. IN ADDITION, THE COMPLAINT ALLEGES THAT MCDINE AND MAI FAILED TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN VIOLATION OF NFA COMPLIANCE RULE 2-4 AND ALLEGES THAT MCDINE IS THE CAUSE OF MAI'S VIOLATIONS OCCURRING WHILE HE WAS LISTED AS A PRINCIPAL OF MAI. FINALLY, THE COMPLAINT ALLEGES THAT MAI FAILED TO MAINTAIN ACCURATE BOOKS AND RECORDS, COMMINGLED POOL ASSETS AND USED A DEFECTIVE DISCLOSURE DOCUMENT IN VIOLATION OF NFA COMPLIANCE RULE 2-13. Decision:
ON AUGUST 19, 1992, NFA'S CENTRAL COMMITTEE ACCEPTED MAI AND MCDINE'S SETTLEMENT OFFER AND ISSUED A DECISION ORDERING MAI AND MCDINE TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP AND ASSOCIATE MEMBERSHIP, RESPECTIVELY. THE DECISION ALSO ORDERS MCDINE NOT TO BECOME AFFILIATED, IN THE FUTURE, WITH AN NFA MEMBER IN ANY CAPACITY.
Source: National Futures Association
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