Case Summary

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 15, 2005, Aguirre filed an Answer to the Complaint in which he adopted Barkley's answer as his response.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

ORDER -

On February 1, 2007, NFA's Appeals Committee granted NFA's Petition to take review of a portion of the Hearing Panel's Decision.

DECISION -

On July 6, 2007, NFA's Appeals Committee issued a Decision to Barkley, Aguirre, Warren, Blazeff and Rodin. Rodin was ordered to pay a $10,000 fine. Rodin was also ordered, for six months (exclusive of any period during which Rodin is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Rodin and Rodin's sponsor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the six-month period, Rodin may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Aguirre was ordered to pay a $25,000 fine and was barred from association with and from acting as a principal of any NFA Member for six months. Aguirre was also ordered, for two years (exclusive of any period during which Aguirre is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the two-year period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Barkley was permanently barred from NFA membership and ordered to pay a $1,000,000 fine.

The Appeals Committee affirmed the Hearing Panel's findings with respect to Warren and Blazeff.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 15, 2005, Barkley, Buchanan, Nostra, Warren and Lansdown filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

ORDER -

On February 1, 2007, NFA's Appeals Committee granted NFA's Petition to take review of a portion of the Hearing Panel's Decision.

DECISION -

On July 6, 2007, NFA's Appeals Committee issued a Decision to Barkley, Aguirre, Warren, Blazeff and Rodin. Rodin was ordered to pay a $10,000 fine. Rodin was also ordered, for six months (exclusive of any period during which Rodin is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Rodin and Rodin's sponsor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the six-month period, Rodin may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Aguirre was ordered to pay a $25,000 fine and was barred from association with and from acting as a principal of any NFA Member for six months. Aguirre was also ordered, for two years (exclusive of any period during which Aguirre is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the two-year period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Barkley was permanently barred from NFA membership and ordered to pay a $1,000,000 fine.

The Appeals Committee affirmed the Hearing Panel's findings with respect to Warren and Blazeff.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 13, 2005, Blazeff filed an Answer to the Complaint in which he adopted Barkley's answer as his response.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

ORDER -

On February 1, 2007, NFA's Appeals Committee granted NFA's Petition to take review of a portion of the Hearing Panel's Decision.

DECISION -

On July 6, 2007, NFA's Appeals Committee issued a Decision to Barkley, Aguirre, Warren, Blazeff and Rodin. Rodin was ordered to pay a $10,000 fine. Rodin was also ordered, for six months (exclusive of any period during which Rodin is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Rodin and Rodin's sponsor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the six-month period, Rodin may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Aguirre was ordered to pay a $25,000 fine and was barred from association with and from acting as a principal of any NFA Member for six months. Aguirre was also ordered, for two years (exclusive of any period during which Aguirre is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the two-year period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Barkley was permanently barred from NFA membership and ordered to pay a $1,000,000 fine.

The Appeals Committee affirmed the Hearing Panel's findings with respect to Warren and Blazeff.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint against Barkley and a number of its APs, including Buchanan. The Complaint cited Buchanan for making deficient sales solicitations to customers.

ANSWER -

On December 15, 2005, Buchanan filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION -

On August 3, 2006, a Decision was issued accepting Buchanan's Offer of Settlement in which he agreed to withdraw from NFA associate membership and never again apply for NFA membership or associate membership or act as a principal of an NFA Member. No adverse findings were made against Buchanan with respect to the allegations of the Complaint, nor was any determination made by the Hearing Panel that he committed any of the violations alleged in the Complaint.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 14, 2005, Castello filed an Answer to the Complaint in which he adopted Barkley's answer as his response.

DECISION -

On August 3, 2006, Castello was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for three years. During the three-year membership bar, Castello may not act in any capacity requiring registration, nor act as a principal of an NFA Member. In addition, if and when he again becomes an NFA Member or Associate, Castello was ordered to tape record all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement begins on the date he again becomes an NFA Member or Associate and will continue thereafter for six months. Only periods of time when Castello is registered and actively soliciting customers, on a full-time basis, will be counted.

Finally, in the event that Castello becomes a principal of an NFA Member, he must cause all APs of that firm - and any other firm of which he is a principal - to tape record all conversations between them and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Castello becomes a principal and begins on the date he becomes a principal of each firm, respectively. Only periods of time when Castello is a principal of that particular firm and that firm is actively soliciting customers will be counted. These taping requirements will expire on December 31, 2009.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 12, 2005, Foley filed an Answer to the Complaint in which he states that he is innocent of all

allegations.

DECISION -

On June 29, 2006, Foley was suspended from NFA membership and associate membership for six months. After serving the six-month suspension and, if and when Foley again becomes an NFA Member or Associate, he was ordered to tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. In the event that Foley becomes a principal of an NFA Member, he was ordered to 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 from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Foley becomes a principal and will commence on the date he becomes a principal of each firm. The taping requirements expire on December 31, 2009.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

DECISION -

On February 28, 2006, Griffin was ordered to pay a $2,500 fine. Griffin was also barred from NFA membership, Associate NFA membership and from being a principal of any NFA Member for six months beginning on the date his fine is paid in full. In addition, Griffin was ordered to tape record any and all conversations with customers or prospective customers for six months beginning on the date he becomes an NFA Member or Associate. Griffin must promptly produce any and all recordings to NFA in a manner in which the participants and dates of the conversations can be readily identified. Only periods during which Griffin is an NFA Member or Associate will count toward his fulfillment of this obligation.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 15, 2005, Barkley, Buchanan, Nostra, Warren and Lansdown filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION -

On June 29, 2006, Lansdown was suspended from NFA membership and associate membership for six months. After serving the six-month suspension and, if and when Lansdown again becomes an NFA Member or Associate, he was ordered to tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. In the event that Lansdown becomes a principal of an NFA Member, he was also ordered to 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 from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Lansdown becomes a principal and will commence on the date he becomes a principal of each firm. The taping requirements expire on December 31, 2009.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 13, 2005, Maus filed an Answer to the Complaint in which he adopted Barkley's answer as his response.

DECISION -

On August 3, 2006, Maus 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, Maus may not act in any capacity requiring registration, nor act as a principal of an NFA Member. In addition, if and when he again becomes an NFA Member or Associate, Maus was ordered to tape record all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement begins on the date he again becomes an NFA Member or Associate and will continue thereafter for six months. Only periods of time when Maus is registered and actively soliciting customers, on a full-time basis, will be counted.

Finally, in the event that Maus becomes a principal of an NFA Member, he must cause all APs of that firm - and any other firm of which he is a principal - to tape record all conversations between them and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement applies to each and every firm of which Maus becomes a principal and begins on the date he becomes a principal of each firm, respectively. Only periods of time when Maus is a principal of that particular firm and that firm is actively soliciting customers will be counted. These taping requirements will expire on December 31, 2009.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 15, 2005, Barkley, Buchanan, Nostra, Warren and Lansdown filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION -

On August 3, 2006, Nostra was suspended from NFA membership and associate membership for three months and ordered to pay a $15,000 fine. In addition, after serving her three-month suspension, and if and when she again becomes an NFA Member or Associate, Nostra was ordered to tape record all conversations between herself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request. The six-month taping requirement begins on the date her three-month suspension expires and she again becomes an NFA Member or Associate and will continue thereafter for six months. Only periods of time when Nostra is registered and actively soliciting customers, on a full-time basis, will be counted.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 15, 2005, Barkley, Buchanan, Nostra, Warren and Lansdown filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

ORDER -

On February 1, 2007, NFA's Appeals Committee granted NFA's Petition to take review of a portion of the Hearing Panel's Decision.

DECISION -

On July 6, 2007, NFA's Appeals Committee issued a Decision to Barkley, Aguirre, Warren, Blazeff and Rodin. Rodin was ordered to pay a $10,000 fine. Rodin was also ordered, for six months (exclusive of any period during which Rodin is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Rodin and Rodin's sponsor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the six-month period, Rodin may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Aguirre was ordered to pay a $25,000 fine and was barred from association with and from acting as a principal of any NFA Member for six months. Aguirre was also ordered, for two years (exclusive of any period during which Aguirre is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the two-year period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Barkley was permanently barred from NFA membership and ordered to pay a $1,000,000 fine.

The Appeals Committee affirmed the Hearing Panel's findings with respect to Warren and Blazeff.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On December 16, 2005, Rodin filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION -

On January 18, 2007, Barkley was fined $300,000. Barkley was also barred from NFA membership for two years, retroactive to April 14, 2006, which is the date it withdrew from NFA membership. Once the bar is up, Barkley may not become or remain an NFA Member unless it complies with the following conditions:

a. Barkley must tape record all conversations that occur between any of its APs and both existing and potential customers; must retain each tape for a period of two years from the date the tape is created; and must make the tapes available to NFA upon request;

b. Except for Stuart or Ronald Rubin, Barkley may not employ any branch office managers, APs or compliance personnel who have formerly been employed by a firm that has been barred from the industry for sales practice fraud;

c. Barkley must employ a compliance officer who is Series 30 registered and has at least five years of futures industry experience as a compliance officer and/or a branch office manager; and

d. Barkley may not maintain an office in Florida.

Aguirre was ordered to pay a $2,500 fine. Aguirre was also barred from association with and from acting as a principal of any NFA Member for three months. The bar is retroactive to August 25, 2005, when he left Barkley and withdrew his registration, and is deemed served. Aguirre was ordered, for a period of six months (exclusive of any period during which he is not an NFA Member or an Associate of an NFA Member) not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. During the six-month period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action againt the sponsor or guarantor.

Franqui was formally reprimanded. The charges against Blazeff, Rodin and Warren were dismissed with prejudice.

ORDER -

On February 1, 2007, NFA's Appeals Committee granted NFA's Petition to take review of a portion of the Hearing Panel's Decision.

DECISION -

On July 6, 2007, NFA's Appeals Committee issued a Decision to Barkley, Aguirre, Warren, Blazeff and Rodin. Rodin was ordered to pay a $10,000 fine. Rodin was also ordered, for six months (exclusive of any period during which Rodin is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Rodin and Rodin's sponsor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the six-month period, Rodin may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Rodin and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Aguirre was ordered to pay a $25,000 fine and was barred from association with and from acting as a principal of any NFA Member for six months. Aguirre was also ordered, for two years (exclusive of any period during which Aguirre is not an NFA Member or an Associate of an NFA Member), not to be associated with an NFA Member unless Aguirre's sponsor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. During the two-year period, Aguirre may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Aguirre and both existing and potential customers; retain each tape for two years; and make the tapes available to NFA. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations may be grounds for disciplinary action against the sponsor or guarantor.

Barkley was permanently barred from NFA membership and ordered to pay a $1,000,000 fine.

The Appeals Committee affirmed the Hearing Panel's findings with respect to Warren and Blazeff.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On October 24, 2005, Williams filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION -

On October 6, 2006, a hearing panel issued a Decision to Williams accepting his settlement offer. In accordance with the settlement offer the hearing panel found that Williams violated NFA Compliance Rules 2-2(a) and 2-29(a)(1) and ordered that Williams shall immediately withdraw from NFA associate membership and not reapply for NFA associate membership or apply for NFA membership or act as a principal of an NFA Member for a period of six months, commencing on the effective date of this Decision. During the six-month membership bar, Williams shall not act in any capacity requiring registration, nor act as a principal of an NFA member.

If after the expiration of the six-month membership bar, Williams is granted NFA membership or associate membership, or becomes a principal of an NFA Member, then in such event, he shall pay a $5,000 fine.

Moreover, in the event that Williams again beomes an NFA Member or Associate, he shall tape record, for six months, all conversations between himself and existing or potential customers, retain such tapes, and make such tapes available to NFA upon request.

Further, in the event that Williams 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 a period of six months, all conversations that occur between them and existing or potential customers; retain these tapes for a period of one year from the date created; and make the tapes available to NFA upon request.

In any and all events, the taping requirements set forth in this paragraph shall expire on December 31, 2009.

The Decision becomes effective October 23, 2006.

COMPLAINT -

On September 23, 2005, NFA issued a Complaint charging Barkley, Williams, Aguirre, Buchanan, Nostra, Warren, Maus, Blazeff, Griffin, Castello, Foley, Zimmerman, Lansdown, Franqui and Rodin with making deceptive, misleading and high-pressured sales solicitations. The Complaint also charged Barkley with failing to diligently supervise employees and agents in the conduct of their commodity futures activities, and allowing Kanowitz to act in a capacity requiring AP registration when he was not registered as an AP or an NFA Member or Associate.

ANSWER -

On November 29, 2005, Zimmerman filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION -

On June 29, 2006, Zimmerman was suspended from NFA membership and associate membership for three months and fined $5,000. After serving the three-month suspension and, if and when Zimmerman again becomes an NFA Member or Associate, he was ordered to tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year from the date they are created; and make the tapes available to NFA upon request.