| MICHAEL GERARD RECINE |
NFA 12BCC00019 |
NFA ID: 0084774 |
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| 0277378 | RECINE TRADING COMPANY | 10/19/2012 | | 0084774 | RECINE, MICHAEL GERARD | 10/19/2012 |
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| 0277378 | RECINE TRADING COMPANY | • F.R.SEC5NEW - INTRODUCING BROKER FINANCIAL REQUIREMENTS | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-9(c) - ANTI-MONEY LAUNDERING PROGRAM | | | | • C.R.2-5 - FAILURE TO COOPERATE W/ NFA | | 0084774 | RECINE, MICHAEL GERARD | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-5 - FAILURE TO COOPERATE W/ NFA | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR |
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| 0277378 | RECINE TRADING COMPANY | • BUSINESS CONDUCT COMMITTEE | | 0084774 | RECINE, MICHAEL GERARD | • BUSINESS CONDUCT COMMITTEE |
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| 0277378 | RECINE TRADING COMPANY | • FINANCIAL | | | | • GENERAL CONDUCT | | 0084774 | RECINE, MICHAEL GERARD | • GENERAL CONDUCT |
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| 0277378 | RECINE TRADING COMPANY | • PERMANENT BAR FROM PRINCIPAL STATUS | 10/04/2012 | | | | • PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP | 10/04/2012 | | 0084774 | RECINE, MICHAEL GERARD | • TEMPORARY BAR FROM NFA MEMBERSHIP 3 YRS | 10/04/2012 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 3 YRS | 10/04/2012 | | | | • FINE (CONTINGENT) $25000 | 10/04/2012 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 3 YRS | 10/04/2012 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 29, 2012, NFA issued a Complaint charging RTC with failure to properly accrue for liabilities; maintain required minimum ANC and notify NFA of its failure to maintain required minimum ANC; and failure to develop and implement an adequate AML program. The Complaint charged Recine with failure to uphold high standards of commercial honor and just and equitable principles of trade. In addition, RTC and Recine were charged with failure to cooperate and failure to supervise.
DECISION:
On October 4, 2012, pursuant to a settlement offer received from RTC and Recine, RTC was prohibited from reapplying for NFA membership or acting as a principal of an NFA Member. Recine was prohibited from applying for NFA membership, or reapplying for NFA associate membership or principal status with any NFA Member for three years from the date of the Decision. Should Recine apply for NFA membership, or reapply for NFA associate membership or principal status with any NFA Member after expiration of the three-year period, he was ordered to pay a $25,000 fine to NFA, due and payable in full on or before the date of any such application. No consideration will be given to or action taken on any future application by Recine for NFA membership, associate membership or principal status with any NFA Member until his fine is paid in full. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 29, 2012, NFA issued a Complaint charging RTC with failure to properly accrue for liabilities; maintain required minimum ANC and notify NFA of its failure to maintain required minimum ANC; and failure to develop and implement an adequate AML program. The Complaint charged Recine with failure to uphold high standards of commercial honor and just and equitable principles of trade. In addition, RTC and Recine were charged with failure to cooperate and failure to supervise.
DECISION:
On October 4, 2012, pursuant to a settlement offer received from RTC and Recine, RTC was prohibited from reapplying for NFA membership or acting as a principal of an NFA Member. Recine was prohibited from applying for NFA membership, or reapplying for NFA associate membership or principal status with any NFA Member for three years from the date of the Decision. Should Recine apply for NFA membership, or reapply for NFA associate membership or principal status with any NFA Member after expiration of the three-year period, he was ordered to pay a $25,000 fine to NFA, due and payable in full on or before the date of any such application. No consideration will be given to or action taken on any future application by Recine for NFA membership, associate membership or principal status with any NFA Member until his fine is paid in full. | | |
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