| CFS CAPITAL MANAGEMENT LLC |
NFA 09BCC00020 |
NFA ID: 0329167 |
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| 0329167 | CFS CAPITAL MANAGEMENT LLC | 02/18/2010 | | 0314164 | ELROD, ANDREW GABRIEL | 02/18/2010 | | 0314165 | ELROD, BRIAN GLENN | 02/18/2010 |
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| 0329167 | CFS CAPITAL MANAGEMENT LLC | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-2(f) - FALSE INFORMATION TO NFA/AGENTS | | | | • C.R.2-22 - PROHIP REPS RE:NFA SPONSOR/APPRVL | | | | • C.R.2-29(b)(1) - USE OF DECEPTIVE PROMO MATER. | | | | • C.R.2-29(b)(2) - MISSTATEMT/OMISSION OF FACT PROMP | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-29(b)(5) - REF. TO ACTUAL PAST TRADING PROFITS | | | | • C.R.2-36(b)(5) - FDMs NOT SUBMIT FALSE OR MISLEADING INFORMATION TO NFA | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-36 - FOREX ANTI-FRAUD RULE | | 0314164 | ELROD, ANDREW GABRIEL | • C.R.2-36 - FOREX ANTI-FRAUD RULE | | | | • C.R.2-36(b)(5) - FDMs NOT SUBMIT FALSE OR MISLEADING INFORMATION TO NFA | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-2(f) - FALSE INFORMATION TO NFA/AGENTS | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | 0314165 | ELROD, BRIAN GLENN | • C.R.2-36(b)(5) - FDMs NOT SUBMIT FALSE OR MISLEADING INFORMATION TO NFA | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-36(c) - FOREX DEALER MEMBERS OBSERVE HIGH STDS OF COMMERCIAL HONOR | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-36 - FOREX ANTI-FRAUD RULE | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-29(b)(2) - MISSTATEMT/OMISSION OF FACT PROMP | | | | • C.R.2-29(b)(1) - USE OF DECEPTIVE PROMO MATER. | | | | • C.R.2-2(f) - FALSE INFORMATION TO NFA/AGENTS | | | | • C.R.2-29(b)(5) - REF. TO ACTUAL PAST TRADING PROFITS |
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| 0329167 | CFS CAPITAL MANAGEMENT LLC | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE | | 0314164 | ELROD, ANDREW GABRIEL | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE | | 0314165 | ELROD, BRIAN GLENN | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE |
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| 0329167 | CFS CAPITAL MANAGEMENT LLC | • GENERAL CONDUCT | | | | • SALES PRACTICE | | 0314164 | ELROD, ANDREW GABRIEL | • SALES PRACTICE | | | | • GENERAL CONDUCT | | 0314165 | ELROD, BRIAN GLENN | • SALES PRACTICE | | | | • GENERAL CONDUCT |
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| 0329167 | CFS CAPITAL MANAGEMENT LLC | • PERMANENT WITHDRAWAL FROM NFA MEMBERSHIP | 02/03/2010 | | | | • PERMANENT BAR FROM PRINCIPAL STATUS | 02/03/2010 | | 0314164 | ELROD, ANDREW GABRIEL | • PERMANENT BAR FROM PRINCIPAL STATUS | 02/03/2010 | | | | • PERMANENT BAR FROM NFA ASSOCIATE MEMBERSHIP | 02/03/2010 | | | | • PERMANENT BAR FROM NFA MEMBERSHIP | 02/03/2010 | | 0314165 | ELROD, BRIAN GLENN | • FINE (CONTINGENT) $30000 | 02/03/2010 | | | | • TEMPORARY WITHDRAWAL FROM NFA ASSOCIATE MEMBERSHIP 5 YRS | 02/03/2010 | | | | • TEMPORARY WITHDRAWAL FROM NFA MEMBERSHIP 5 YRS | 02/03/2010 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 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 June 30, 2009, NFA issued a Complaint charging CFS, Andrew Elrod and Brian Elrod with misuse of customer funds; willfully submitting false or misleading information to NFA; and failing to diligently supervise. The Complaint also charged CFS and Brian Elrod with using fraudulent and misleading promotional material. Finally, the Complaint charged CFS with failing to follow the terms of the disclosure document and management agreement.
ANSWER:
On July 22, 2009, CFS and Brian Elrod filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On February 3, 2010, the Hearing Panel accepted an Offer of Settlement in which CFS, Brian Elrod and Andrew Elrod neither admitted nor denied the allegations of the Complaint, and issued a Decision in which CFS was ordered to withdraw from NFA membership and not reapply for NFA membership or act as a principal of an NFA Member. Andrew Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership, or act as a principal of an NFA Member.
Brian Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership or act as a principal of an NFA Member for five years. During the five-year period, Brian Elrod was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. If after expiration of the five-year period, Brian Elrod again becomes an NFA Member or Associate, or a principal of an NFA Member, he was ordered to pay a $30,000 fine, payable 30 days after he is granted NFA membership or associate membership or becomes a principal of an NFA Member.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On June 30, 2009, NFA issued a Complaint charging CFS, Andrew Elrod and Brian Elrod with misuse of customer funds; willfully submitting false or misleading information to NFA; and failing to diligently supervise. The Complaint also charged CFS and Brian Elrod with using fraudulent and misleading promotional material. Finally, the Complaint charged CFS with failing to follow the terms of the disclosure document and management agreement.
ANSWER:
On July 22, 2009, Andrew Elrod filed an Answer to the Complaint in which he denied the material allegations contained therein.
DECISION:
On February 3, 2010, the Hearing Panel accepted an Offer of Settlement in which CFS, Brian Elrod and Andrew Elrod neither admitted nor denied the allegations of the Complaint, and issued a Decision in which CFS was ordered to withdraw from NFA membership and not reapply for NFA membership or act as a principal of an NFA Member. Andrew Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership, or act as a principal of an NFA Member.
Brian Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership or act as a principal of an NFA Member for five years. During the five-year period, Brian Elrod was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. If after expiration of the five-year period, Brian Elrod again becomes an NFA Member or Associate, or a principal of an NFA Member, he was ordered to pay a $30,000 fine, payable 30 days after he is granted NFA membership or associate membership or becomes a principal of an NFA Member.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On June 30, 2009, NFA issued a Complaint charging CFS, Andrew Elrod and Brian Elrod with misuse of customer funds; willfully submitting false or misleading information to NFA; and failing to diligently supervise. The Complaint also charged CFS and Brian Elrod with using fraudulent and misleading promotional material. Finally, the Complaint charged CFS with failing to follow the terms of the disclosure document and management agreement.
ANSWER:
On July 22, 2009, CFS and Brian Elrod filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On February 3, 2010, the Hearing Panel accepted an Offer of Settlement in which CFS, Brian Elrod and Andrew Elrod neither admitted nor denied the allegations of the Complaint, and issued a Decision in which CFS was ordered to withdraw from NFA membership and not reapply for NFA membership or act as a principal of an NFA Member. Andrew Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership, or act as a principal of an NFA Member.
Brian Elrod was ordered to withdraw from NFA membership and associate membership and not reapply for NFA membership, associate membership or act as a principal of an NFA Member for five years. During the five-year period, Brian Elrod was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member. If after expiration of the five-year period, Brian Elrod again becomes an NFA Member or Associate, or a principal of an NFA Member, he was ordered to pay a $30,000 fine, payable 30 days after he is granted NFA membership or associate membership or becomes a principal of an NFA Member.
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