Case Summary

COMPLAINT:

On June 30, 2008, NFA issued a Complaint charging First Choice, Ghaemi, France and Ashton with making deceptive and misleading sales solicitations.

ANSWER:

On September 5, 2008, First Choice, Ghaemi, France and Ashton filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On February 5, 2009, Ashton was ordered to withdraw from NFA associate membership and not apply for NFA membership or associate membership or act as a principal of an NFA Member for three months. If after expiration of the three-month period Ashton is granted NFA membership or associate membership, or becomes a principal of an NFA Member, then in any such event, he must pay a $5,000 fine, due and payable thirty days after he is granted NFA membership or associate membership, or becomes a principal of an NFA Member.

If and when Ashton again becomes an NFA Member or Associate, he must tape record, for one year, all conversations between him and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The one-year taping requirement begins on the date that he again becomes an NFA Member or Associate, and continues thereafter for one year. Only periods of time when he is registered and actively soliciting customers on a full-time basis will be counted. In other words, although he is required to tape even during periods when he is only soliciting customers on a part-time basis - any taping done during these periods will not be counted or credited to him in calculating the one-year taping obligation.

COMPLAINT:

On June 30, 2008, NFA issued a Complaint charging First Choice, Ghaemi, France and Ashton with making deceptive and misleading sales solicitations.

ANSWER:

On September 5, 2008, First Choice, Ghaemi, France and Ashton filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On February 5, 2009, First Choice was ordered not to apply for NFA membership or act as a principal of an NFA Member for five years. If after expiration of the five-year period First Choice is granted NFA membership or becomes a principal of an NFA Member, then in either such event, it must pay a $15,000 fine, due and payable thirty days after it is granted NFA membership or becomes a principal of an NFA Member.

If and when First Choice again becomes an NFA Member, it must cause its APs to tape record, for one year, all conversations between them and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The one-year taping requirement begins on the date that First Choice again becomes an NFA Member and continues thereafter for one year. Only periods of time when First Choice is registered and actively soliciting customers will be counted.

COMPLAINT:

On June 30, 2008, NFA issued a Complaint charging First Choice, Ghaemi, France and Ashton with making deceptive and misleading sales solicitations.

ANSWER:

On September 5, 2008, First Choice, Ghaemi, France and Ashton filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On February 5, 2009, France was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for two years. If after expiration of the two-year period France is granted NFA membership or associate membership, or becomes a principal of an NFA Member, then in any such event, he must pay a $10,000 fine, due and payable thirty days after he is granted NFA membership or associate membership, or becomes a principal of an NFA Member.

If and when France again becomes an NFA Member or Associate, he must tape record, for one year, all conversations between him and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The one-year taping requirement begins on the date that he again becomes an NFA Member or Associate, and continues thereafter for one year. Only periods of time when he is registered and actively soliciting customers on a full-time basis will be counted. In other words, although he is required to tape even during periods when he is only soliciting customers on a part-time basis - any taping done during these periods will not be counted or credited to him in calculating the one-year taping obligation.

COMPLAINT:

On June 30, 2008, NFA issued a Complaint charging First Choice, Ghaemi, France and Ashton with making deceptive and misleading sales solicitations.

ANSWER:

On September 5, 2008, First Choice, Ghaemi, France and Ashton filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On February 5, 2009, Ghaemi was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for two years. If after expiration of the two-year period Ghaemi is granted NFA membership or associate membership, or becomes a principal of an NFA Member, then in any such event, he must pay a $10,000 fine, due and payable thirty days after he is granted NFA membership or associate membership, or becomes a principal of an NFA Member.

If and when Ghaemi again becomes an NFA Member or Associate, he must tape record, for one year, all conversations between him and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The one-year taping requirement begins on the date that he again becomes an NFA Member or Associate, and continues thereafter for one year. Only periods of time when he is registered and actively soliciting customers on a full-time basis will be counted. In other words, although he is required to tape even during periods when he is only soliciting customers on a part-time basis - any taping done during these periods will not be counted or credited to him in calculating the one-year taping obligation.

In the event that Ghaemi 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 one year, all conversations that occur between them and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA upon request. The one-year taping requirement applies to each and every firm of which he becomes a principal and begins on the date that he becomes a principal of each firm, respectively. Only periods of time when he 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, 2012.