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COMPLAINT:
On December 12, 2007, NFA issued a Complaint charging Shore with making deceptive, misleading and high-pressure sales solicitations and engaging in unauthorized trading.
DECISION:
On September 8, 2008, Shore was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for three years. During three-year membership bar, Shore may not act in any capacity requiring registration, nor act as a principal of an NFA Member.
If after expiration of three-year membership bar Shore is granted NFA membership or associate membership or becomes a principal of an NFA Member, he must pay $50,000 fine due 30 days after he is granted NFA membership or associate membership, or becomes a principal of an NFA Member.
If and when Shore again becomes an NFA Member or Associate, he must tape record, for one year, all conversations between himself and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The ome-year taping requirement begins on the date Shore again becomes an NFA Member or Associate and continues thereafter for one year. Only periods of time when Shore is registered and actively soliciting customers on a full-time basis will be counted. In other words, although Shore 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 in calculating the one-year taping obligation.
If Shore becomes a principal of an NFA Member, he must 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. The one-year taping requirement applies to each and every firm of which Shore becomes a principal and begins on the date he becomes a principal of each firm, respectively. Only periods of time when Shore is a principal of that particular firm and that firm is actively soliciting customers will be counted. These taping requirements expire on December 31, 2012. |