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For Immediate Release
February 01, 2010
NFA sanctions Las Vegas commodity trading advisor and its principal
February 1, Chicago - National Futures Association (NFA) has ordered NetBlack Capital LLC (NetBlack) to withdraw from NFA membership and not reapply for NFA membership for a period of five years. NetBlack is a commodity trading advisor located in Las Vegas, Nevada. The firm must also pay a fine of $15,000 in the event it reapplies for NFA membership after five years. NFA also levied a $15,000 fine against John F. Netto, a principal and sole associated person of NetBlack.
The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in August 2009 and a settlement offer submitted by NetBlack and Netto.
The Panel found that NetBlack and Netto conducted business with Jason Black (aka Jes Black), who was suspended from NFA membership as a result of a prior NFA Business Conduct Committee disciplinary action issued in February 2008. The Panel also found that NetBlack and Netto failed to maintain support for its advertised monthly rates of return as reflected in NetBlack's promotional material.
Along with the $15,000 fine, Netto is prohibited from doing business with Black for a period of thirty months for any and all firms for which Netto is principal. Additionally, for a period of twenty-four months, Netto agreed to submit all promotional material which contains performance information to NFA for review and approval prior to use.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.