| DESMOND MAINA MUTHEMBA |
NFA 08BCC00032 |
NFA ID: 0314480 |
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| 0389473 | MAGMA FUND ADVISORS LTD | 02/26/2009 | | 0314480 | MUTHEMBA, DESMOND MAINA | 02/26/2009 |
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| 0389473 | MAGMA FUND ADVISORS LTD | • C.R.2-2(f) - FALSE INFORMATION TO NFA/AGENTS | | | | • R.R.208 - CHANGES REQUIRING NEW REGISTRATION | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-29(b)(4) - USE OF HYPOTHETICAL RESULTS | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-29(b)(2) - MISSTATEMT/OMISSION OF FACT PROMP | | 0314480 | MUTHEMBA, DESMOND MAINA | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-29(b)(4) - USE OF HYPOTHETICAL RESULTS | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-29(b)(2) - MISSTATEMT/OMISSION OF FACT PROMP | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS |
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| 0389473 | MAGMA FUND ADVISORS LTD | • BUSINESS CONDUCT COMMITTEE | | 0314480 | MUTHEMBA, DESMOND MAINA | • BUSINESS CONDUCT COMMITTEE |
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| 0389473 | MAGMA FUND ADVISORS LTD | • GENERAL CONDUCT | | | | • SALES PRACTICE | | | | • REGISTRATION | | 0314480 | MUTHEMBA, DESMOND MAINA | • SALES PRACTICE |
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| 0389473 | MAGMA FUND ADVISORS LTD | • PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP | 02/11/2009 | | 0314480 | MUTHEMBA, DESMOND MAINA | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 2 YRS | 02/11/2009 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 02/11/2009 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 02/11/2009 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 22, 2008, NFA issued a Complaint charging Magma with providing false information to NFA; failure to list a principal; failure to uphold high standards of commercial honor and just and equitable principles of trade; and failure to list principals. The Complaint also charged Magma and Muthemba with using deceptive and unbalanced promotional material and failure to supervise.
DECISION:
On February 11, 2009, Magma was ordered to withdraw from NFA membership and never apply for NFA membership or principal status with any NFA Member in the future. Muthemba was ordered to withdraw his NFA membership and principal status with an NFA member and not apply for NFA associate membership for two years from the date of his withdrawal. Muthemba was further ordered not to apply for NFA membership or principal status with any NFA Member for five years from the date of his withdrawal. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 22, 2008, NFA issued a Complaint charging Magma with providing false information to NFA; failure to list a principal; failure to uphold high standards of commercial honor and just and equitable principles of trade; and failure to list principals. The Complaint also charged Magma and Muthemba with using deceptive and unbalanced promotional material and failure to supervise.
DECISION:
On February 11, 2009, Magma was ordered to withdraw from NFA membership and never apply for NFA membership or principal status with any NFA Member in the future. Muthemba was ordered to withdraw his NFA membership and principal status with an NFA member and not apply for NFA associate membership for two years from the date of his withdrawal. Muthemba was further ordered not to apply for NFA membership or principal status with any NFA Member for five years from the date of his withdrawal. | | |
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