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MCKERR JAMES T
CASE OUTCOME: PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP
NFA ID:
0000536
Complaint:
ON NOVEMBER 26, 1986, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("COMMITTEE") ISSUED A COMPLAINT AGAINST JAMES T. MCKERR AKA J.T. MCKERR & COMPANY ("MCKERR") ALLEGING: (A) FAILURE TO MAINTAIN ADEQUATE BOOKS AND RECORDS IN VIOLATION OF NFA COMPLIANCE RULE 2-10; (B) FAILURE TO PROPERLY MAINTAIN AND DISTRIBUTE CUSTOMER ACCOUNT DOCUMENTATION IN VIOLATION OF NFA COMPLIANCE RULE 2-26; (C) FAILURE TO MAINTAIN A RECORD OF DISCRETIONARY ACCOUNTS AND TO MAINTAIN WRITTEN PROCEDURES REGARDING THE REVIEW OF DISCRETIONARY TRADING ACTIVITY IN VIOLATION OF NFA COMPLIANCE RULE 2-8; (D) FAILURE TO MAINTAIN WRITTEN OPTION PROCEDURES IN VIOLATION OF NFA COMPLIANCE RULE 2-15; (E) FAILURE TO UTILIZE A RISK DISCLOSURE STATEMENT THAT CONFORMED TO CFTC REGULATION 33.7 IN VIOLATION OF NFA COMPLIANCE RULE 2-19 (B); (F) FAILURE TO MAINTAIN RECORDS OF CUSTOMER COMPLAINTS AND TO DEVELOP PROCEDURES TO ENSURE THE RESOLUTION OF SUCH COMPLAINTS IN VIOLATION OF NFA COMPLIANCE RULE 2-18; (G) FAILURE TO ADOPT AND ENFORCE WRITTEN PROCEDURES TO SUPERVISE EMPLOYEES IN THEIR COMMUNICATIONS WITH THE PUBLIC AND PROMOTIONAL MATERIAL IN VIOLATION OF NFA COMPLIANCE RULE 2-29; (H) IMPROPER TREATMENT OF CUSTOMER PROPERTY IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTION 8; (I) FAILURE TO MAINTAIN MINIMUM NET CAPITAL IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTION 1; (J) FAILURE TO ISSUE APPROPRIATE MARGIN CALLS IN VIOLATION OF NFA FINANCIAL REQUIREMENTS SECTION A8-A; (K) FAILURE TO INVOICE NFA FEES TO CUSTOMERS IN VIOLATION OF NFA BYLAW 1301(B); (L) TRANSACTING BUSINESS WITH NON-MEMBERS IN VIOLATION OF NFA BYLAW 1101; (M) FAILURE TO SUPERVISE IN VIOLATION OF NFA COMPLIANCE RULE 2-9; AND (N) FAILURE TO OBSERVE HIGH STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE PRINCIPLES OF TRADE IN VIOLATION OF NFA COMPLIANCE RULE 2-4. Decision:
ON NOVEMBER 25, 1987, THE COMMITTEE ISSUED A DECISION IN WHICH THEY ACCEPTED MCKERR'S OFFER OF SETTLEMENT AND DIRECTED MCKERR TO PERMANENTLY WITHDRAW FROM NFA MEMBERSHIP AND TO BE FOREVER BARRED FROM OBTAINING MEMBERSHIP IN NFA.
Source: National Futures Association
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