| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 20, 2007, NFA issued a Complaint charging Jaguar and Berman with making misleading and deceptive sales solicitations.
ANSWER:
On January 3, 2008, Jaguar and Berman filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On May 27, 2008, Berman was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for one year. During the one-year membership bar, Berman may not act in any capacity requiring registration, nor act as a principal of an NFA Member. If, after the expiration of the one-year membership bar, Berman is granted NFA membership or associate membership, he must pay a $5,000 fine, due thirty days after he is granted NFA membership or associate membership.
If Berman becomes an NFA Member or Associate, he must tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The six-month taping requirement begins on the date Berman again becomes an NFA Member or Associate and continues for six months. Only periods of time when Berman is registered and actively soliciting customers will be counted.
If Berman becomes a principal of an NFA Member, he shall cause all APs of that firm - and any other firm of which he is a principal - to tape record, for six months, all conversations that occur between them and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The six-month taping requirement applies to each and every firm of which Berman becomes a principal and begins on the date that he becomes a principal of each firm, respectively. Only periods of time when Berman is a principal of that particular firm and that firm is actively soliciting customers will be counted. In any and all events, the taping requirements expire on December 31, 2011.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 20, 2007, NFA issued a Complaint charging Jaguar and Berman with making misleading and deceptive sales solicitations.
ANSWER:
On January 3, 2008, Jaguar and Berman filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On May 27, 2008, Jaguar was permanently barred from NFA membership and from acting as a principal of an NFA Member.
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