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For Immediate Release
December 04, 2002

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

NFA fines and suspends California foreign currency (FOREX) firm

December 4, Chicago - National Futures Association has fined and suspended a California firm dealing primarily in foreign currency (FOREX) transactions. NFA fined Midland Euro, Inc. and its president, Zvi Leichner $150,000 for providing NFA with false information and failing to maintain current books and records. The firm also failed to demonstrate compliance with NFA's capital requirements. NFA suspended the firm and Leichner for the longer of one year or until the firm demonstrates compliance with all NFA Requirements as ordered in the Member Responsibility Action taken against Midland on November 5, 2001 (see related press release on NFA's Web site at www.nfa.futures.org). Midland was a registered futures commission merchant located in Sherman Oaks.

NFA alleged that Midland and Leichner failed to disclose the existence of two customer accounts, which comprised a substantial portion of Midland's business, as well as one of Midland's bank accounts. NFA also alleged that Midland filed false financial reports with NFA that failed to reflect the liabilities related to the undisclosed accounts.

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

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