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For Immediate Release
March 25, 2003

For more information contact:
Cynthia Cain (312) 781-1490, ccain@nfa.futures.org or
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org

Media Contact on this Case:
Ron Hirst, Associate General Counsel, (312) 781-1394

NFA expels Chicago commodities firm

March 25, Chicago - National Futures Association announced today that it has expelled The Siegel Trading Company from NFA membership and permanently barred Frank Mazza, the firm's president and sole owner, from association with any NFA member. The action was taken as part of a Decision issued by NFA's Hearing Committee. Siegel is a Futures Commission Merchant headquartered in Chicago, Illinois.

The Hearing Committee found that Siegel's sales solicitations were deceptive and misleading because they used exaggerated profit projections, implied that large profits were likely and could easily be obtained and downplayed the risk of loss. The Committee also found that Mazza failed to supervise Siegel's employees in the conduct of Siegel's futures business.

The Committee also took the following actions against Siegel Trading's branch office managers and principals:

  • Barred Robert Benedetto for four years from association with any NFA Member and permanently barred him from acting as a principal, partner, officer, director or branch manager of any NFA Member.

  • Barred Frank Robbins for two years from association with any NFA Member and permanently barred him from acting as a principal, partner, officer, director or branch manager of any NFA Member.

  • Barred John Douglas for two years from association with any NFA Member and permanently barred him from acting as a principal, partner, officer, director or branch manager of any NFA Member.

  • Barred Morton Reinman for three years from association with any NFA Member and permanently barred him from acting as a principal, partner, officer, director or branch manager of any NFA Member.

  • Barred James Lane for three years from association with any NFA Member and permanently barred him from acting as a principal, partner, officer, director or branch manager of any NFA Member.

Siegel, Mazza, Benedetto, Robbins, Douglas, Reinman and Lane may appeal the Panel's Decision to NFA's Appeals Committee within 15 days of the date of the Decision.

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives and other financial markets.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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