Case Summary

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

ANSWER:

On April 25, 2012, Gullick filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION:

On September 13, 2012, pursuant to a settlement offer submitted by Gullick, he was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Gullick apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

MODIFIED DECISION:

On June 29, 2012, Julian was ordered to pay a $75,000 fine should he apply for NFA membership, associate membership or principal status with any NFA Member in the future. The fine is due and payable in full on or before the date of any such application. Any future application by Julian for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine is paid in full.

COMPLAINT:

On March 26, 2012, NFA issued a Complaint charging OpVest, Gullick, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum with failure to uphold high standards of commercial honor and just and equitable principles of trade. The Complaint also charged OpVest, Altenburg and Julian with failure to supervise.

DECISION:

On March 26, 2012, pursuant to settlement offers submitted by OpVest, Altenburg, Julian, Hudson, Aure, Boyle, Daugherty, Fee, Hart and Branum, OpVest, Altenburg and Julian were ordered to pay fines of $75,000 each. In addition, OpVest was ordered to adopt and execute undertakings that require the creation and implementation of procedures for reviewing trading on both a firm-wide and individual broker basis to detect and remediate abusive trading recommendations by its brokers. Hudson was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for five years.

Aure and Boyle were each ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for three months. Should Aure or Boyle apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the three-month period, they were ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Aure or Boyle for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Daugherty was ordered not to apply for NFA membership, associate membership or principal status with any NFA Member for one year. Should Daugherty apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Daugherty for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Fee was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for three months following the date of his withdrawal. Should Fee apply for NFA membership, associate membership or principal with any NFA Member following the expiration of the three-month period, he was ordered to pay a $20,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Hart was ordered to withdraw from NFA associate membership on or before March 31, 2012 and not apply for NFA membership, associate membership or principal status with any NFA Member for one year following the date of his withdrawal. Should Hart apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by Fee for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.

Branum was ordered not to apply NFA membership, associate membership or principal status with any NFA Member for one year. Should Branum apply for NFA membership, associate membership or principal status with any NFA Member following the expiration of the one-year period, he was ordered to pay a $5,000 fine, due and payable in full on or before the date of any such application. Any future application by for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full.