On April 27, 2005, NFA issued a Complaint charging Atz with making deceptive, misleading and high-pressured sales solicitations. To view Complaint, go to Case Documents. For a copy of the Complaint, contact NFA.
On July 1, 2005, Atz filed an Answer to the Complaint in which he denied the material allegations contained therein and requested a hearing. To view Answer, go to Case Documents.
On February 24, 2006, Atz was suspended from NFA membership and associate membership for three months, beginning on April 1, 2006 and ending on June 30, 2006, at which time he will automatically be reinstated as an NFA Associate, provided he has a sponsor. During the suspension period, Atz may not act in any capacity requiring registration, nor act as a principal of an NFA Member. Atz was also ordered to pay a $7,500 fine.
In addition, after the three-month suspension and becoming reinstated as an NFA Member or Assciate, Atz must tape record, for six months, all conversations between himself and existing or potential customers; retain these 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 his three-month suspension expires and continue thereafter for six months. Only times that he is registered and actively soliciting customers on a full-time basis are counted toward the six-month taping period.
Finally, if Atz becomes a principal of an NFA Member, he must cause all APs of that firm - and any firm which he is a principal - to tape record, for six months, all conversations between them and existing or potential customers; retain these 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 that he is a principal of and will begin on the date that he becomes a principal of each firm. Only periods when he is a principal of that particular firm and that firm is actively soliciting customers are counted in the six-month taping period. The taping requirements, in any and all events, expire on December 31, 2010.