| GFS FOREX & FUTURES INC |
NFA 09BCC00059 |
NFA ID: 0316995 |
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| 0396633 | CENSULLO, MATTHEW PAUL | 04/08/2010 | | 0316995 | GFS FOREX & FUTURES INC | 02/18/2010 | | 0370391 | HO, YUN LUN | 02/18/2010 |
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| 0396633 | CENSULLO, MATTHEW PAUL | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | 0316995 | GFS FOREX & FUTURES INC | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-40 - BULK ASSIGNMENT OR LIQUIDATION OF FOREX POSITIONS; CESSATION OF CUSTOMER BUSINESS | | 0370391 | HO, YUN LUN | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES |
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| 0396633 | CENSULLO, MATTHEW PAUL | • BUSINESS CONDUCT COMMITTEE | | 0316995 | GFS FOREX & FUTURES INC | • BUSINESS CONDUCT COMMITTEE | | 0370391 | HO, YUN LUN | • BUSINESS CONDUCT COMMITTEE |
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| 0396633 | CENSULLO, MATTHEW PAUL | • SALES PRACTICE | | 0316995 | GFS FOREX & FUTURES INC | • GENERAL CONDUCT | | | | • SALES PRACTICE | | 0370391 | HO, YUN LUN | • GENERAL CONDUCT |
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| 0396633 | CENSULLO, MATTHEW PAUL | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 03/24/2010 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 5 YRS | 03/24/2010 | | | | • FINE (CONTINGENT) $35000 | 03/24/2010 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 03/24/2010 | | 0316995 | GFS FOREX & FUTURES INC | • FINE $35000 | 02/03/2010 | | 0370391 | HO, YUN LUN | • DISMISSED | 02/03/2010 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 16, 2009, NFA issued a Complaint charging GFS with failure to provide NFA with a copy of a notice to customer of bulk liquidation/transfer prior to providing such notice to customers; and use of deficient promotional material by one of GFS's non-NFA Member third-party solicitors. The Complaint also charged GFS and Censullo with use of deceptive promotional material by GFS. Finally, the Complaint charged GFS and Ho with failure to supervise.
DEFAULT DECISION:
On March 24, 2010, Censullo was barred from NFA membership and associate membership and from being a principal of an NFA Member for five years. Censullo was also ordered to pay a fine of $35,000 if and when he reapplies for NFA membership or becomes a principal of an NFA Member after the expiration of his five-year membership bar.
On May 6, 2010, the BCC granted Censullo's motion to vacate this Decision and ordered him to file an Answer within 14 days.
ANSWER:
On May 19, 2010, Censullo filed an Answer to the Complaint in which he denied the material allegations contained therein.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 16, 2009, NFA issued a Complaint charging GFS with failure to provide NFA with a copy of a notice to customer of bulk liquidation/transfer prior to providing such notice to customers; and use of deficient promotional material by one of GFS's non-NFA Member third-party solicitors. The Complaint also charged GFS and Censullo with use of deceptive promotional material by GFS. Finally, the Complaint charged GFS and Ho with failure to supervise.
DECISION:
On February 3, 2010, GFS was ordered to pay a $35,000 fine. Count IV of the Complaint as to Ho was dismissed. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On December 16, 2009, NFA issued a Complaint charging GFS with failure to provide NFA with a copy of a notice to customer of bulk liquidation/transfer prior to providing such notice to customers; and use of deficient promotional material by one of GFS's non-NFA Member third-party solicitors. The Complaint also charged GFS and Censullo with use of deceptive promotional material by GFS. Finally, the Complaint charged GFS and Ho with failure to supervise.
DECISION:
On February 3, 2010, GFS was ordered to pay a $35,000 fine. Count IV of the Complaint as to Ho was dismissed. | | |
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