Case Summary

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.

On December 30, 2004, NFA issued a Complaint charging Laguna, Wolfkiel, Erber, Rocha and Chambers with failure to tape record conversations with customers or submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements. The Complaint charged Laguna and Guerrero with making deceptive and misleading sales solicitations to prospective customers. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA.

DECISION:

On April 4, 2005, Laguna was ordered to withdraw from NFA membership and not reapply for NFA membership for one year. Rocha was ordered to withdraw from NFA associate membership and principal status; not reapply for NFA membership or associate membership or act as a principal of an NFA Member for one year; and if, after the expiration of the one-year period, Rocha again becomes a principal of an NFA Member, cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolkiel were ordered to pay an $8,500 fine. Chambers was ordered to pay a $5,000 fine. Erber, Wolfkiel and Chambers were ordered to cause any Member of which he is a principal to tape record all conversations between its APs and existing and prospective customers. Erber and Wolfkiel are subject to the taping obligation for eighteen months and Chambers is subject to the taping obligation for one year. Guerrero was ordered to pay a $5,000 fine and tape record all conversations between himeself and existing and prospective customers for six months. To view Decision, go to Case Documents. For a copy of Decision, contact NFA.