CFTC / NFA Levies Fines Against ...
LSS Day Trading System
CFTC Finds that George Angell, TradeWins Publishing and its President, Stephen Schmidt, Fraudulently Marketed Commodity Trading System. The orders center on fraudulent solicitation of the public to purchase a version of the LSS Day Trading System (the LSS System), a signal-based computerized commodity futures trading system. DETAILS
|CURTIS ARNOLD, LONDON FINANCIAL
Pattern Probability Strategy (PPS)
CFTC ACCEPTS SETTLEMENT OFFERS OF CURTIS McNAIR ARNOLD AND LONDON FINANCIAL, INC. IN CASE INVOLVING THE FRAUDULENT SOLICITATION OF CLIENTS; Arnold Is Ordered To Pay A $100,000 Civil Monetary Penalty, Among Other Sanctions, 4436-00, August 14, 2000. DETAILS
MBH Weekly Futures Trading Letter
NFA FINDS BERNSTEIN USED MISLEADING AND DECEPTIVE PROMOTIONAL MATERIAL. Fined $200,000 and permanently barred from NFA membership. All appeals to NFA and CFTC failed. DETAILS
Footnote -- Commodity Traders Consumer Report, a respected futures publication, tracked the trades Bernstein recommended in his $895 flagship newsletter. If you had acted on these weekly tips from 1988 through 1992, you would have lost money for five consecutive years (assuming typical transaction costs).
|KENT C. CALHOUN
TEXAS FEDERAL COURT ENTERS CONSENT ORDER OF PERMANENT INJUNCTION AGAINST KENT C. CALHOUN, INDIVIDUALLY, AND AS AN AGENT OF OR DOING BUSINESS AS KCI SEMINARS, IN CFTC ENFORCEMENT ACTION CHARGING FRAUDULENT ADVERTISING AND PROHIBITED REFERENCES TO CFTC IN ADVERTISEMENTS, Calhoun Is Barred From Referencing the CFTC or Otherwise Using the CFTC's Name in Soliciting Customers And Is Ordered to Publish Retractions of Fraudulent Advertisements, 4428-00, July 31, 2000. DETAILS
World Cup Approach To Futures Trading
NFA fines Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted deceptive and unbalanced promotional material and disclosure statements. Details in William Gallacher's book Winner Take All.
Footnote -- In July 1988, the Larry Williams Financial Strategy Fund was launched, followed in March 1989 by the World Cup Championship Fund, managed by Larry Williams, Jake Bernstein and two others. The 1988 fund lost more than 50% of its clients equity in barely one year, as reported in the October 1989 issue of Futures magazine. The 1989 fund also lost more than half of its original equity by May 1990.
Wade's Wall Street Workshop
Although we have not found any fines yet levied against Wade Cook by federal regulatory agencies, there have been many investigations and/or lawsuits by states and individuals. For a truly scathing report on Wade Cook and his financial advisory business, read the Motley Fool Report.
|CA-NI INDUSTRIES, LTD
Wisdom of the Ages
CFTC Orders Nicholas J. Nickolaou (CA-NI Industries) to Pay Restitution and Penalties For Fraudulently Soliciting the Public to Buy His Wisdom of the Ages Trading System. Among other sanctions, the consent order directs Nickolaou to pay restitution totaling $265,105 to customers, pursuant to a payment plan, with an initial cash payment of $15,445, and a contingent civil monetary penalty in the amount of $110,000. DETAILS
New York Court Finds That AVCO Financial Corp. and Anthony Vartuli Defrauded Over 1,000 Customers in Connection with the Sale of Futures Trading Computer Software, and Directs Them to Disgorge $4.1 million, 4164-98, July 8, 1998. The court found that AVCO's representations about the Recurrence system's level of risk and past performance were material, false, misleading.DETAILS
| CTS FINANCIAL PUBLISHING
Swing Trader System
CFTC FILES ADMINISTRATIVE COMPLAINT AGAINST CTS FINANCIAL PUBLISHING, DEARBORN FINANCIAL PUBLISHING, DENNIS BLITZ, AND NICK VAN NICE ALLEGING FRAUD Complaint Alleges that Respondents Fraudulently Marketed Commodity Futures and Options Trading-Related Products and that CTS Operated and Maintained an Internet Site that Promoted a Product Called Swing Trader, in Violation of Federal Commodity Law. DETAILS
Insiders Profit Matrix
CFTC Orders Coldwell Publishing and Michael Hayes (a/k/a Frank Richards) to Pay Nearly $12 Million in Penalties for Fraudulent Commodity Trading System Sold to More than 15,000 Customers. The CFTC charged Hayes and Coldwell with fraudulently promoting The Insiders Profit Matrix (IPM), a commodity futures and options trading system, by falsely claiming in promotional material that IPM users could make $50,000 in a single month, and that the IPM system had turned $200 to $2,136,000 in 2 years, among other claims. Right-click and select "Save Target As..."
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