Case Summary

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On July 23, 2008, American Atlantic was permanently barred from NFA membership and ordered to pay a $100,000 fine.

APPEAL:

On August 5, 2008, American Atlantic, Menoutis and Nathaniel appealed the Decision to NFA's Appeals Committee.

APPEALS DECISION:

On March 19, 2009, the Appeals Committee affirmed the Hearing Panel's Decision in full.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On May 30, 2007, Cantillo filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION:

On November 13, 2007, Cantillo was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for one year. During the one-year bar, Cantillo may not act in any capacity requiring registration or act as a principal of an NFA Member. If, after the expiration of the one-year bar, Cantillo is granted NFA membership or associate membership, he was ordered to pay a $5,000 fine.

If Cantillo again becomes an NFA Member or Associate, he must tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The six-month taping requirement begins on the date Cantillo again becomes an NFA Member or Associate and continues for six months. Only periods of time when Cantillo is registered and actively soliciting customers, on a full-time basis, will be counted.

If Cantillo 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 six months, 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 six-month taping requirement applies to each and every firm of which Cantillo becomes a principal and begins on the date he becomes a principal of each firm, respectively. Only periods of time when Cantillo is a principal of that particular firm and that firm is actively soliciting customers will be counted. In any and all events, the taping requirements expire on December 31, 2010.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On July 23, 2008, Godnick was barred from association with and from acting as a principal of any NFA Member for two years and was ordered to pay a $20,000 fine. For a period of two years, (exclusive of any period during which Godnick is not an NFA Member or an Associate of an NFA Member), Godnick may not be associated with an NFA Member unless Godnick’s sponsor agrees in writing to tape record all conversations that occur between Godnick and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. During this two-year period, Godnick may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Godnick and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations under the Decision may be grounds for disciplinary action against the sponsor or guarantor.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On July 23, 2008, Menoutis was permanently barred from association with and from acting as a principal of any NFA Member and was ordered to pay a $100,000 fine.

APPEAL:

On August 5, 2008, American Atlantic, Menoutis and Nathaniel appealed the Decision to NFA's Appeals Committee.

APPEALS DECISION:

On March 19, 2009, the Appeals Committee affirmed the Hearing Panel's Decision in full.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On May 29, 2007, Montece filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION:

On July 23, 2008, Montece was barred from association with and from acting as a principal of any NFA Member for a period of six months and was ordered to pay a $5,000 fine. For a period of one year (exclusive of any period during which Montece is not an NFA Member or an Associate of an NFA Member), Montece may not be associated with an NFA Member unless Montece’s sponsor agrees in writing to tape record all conversations that occur between Montece and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. During this one-year period, Montece may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Montece and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations under the Decision may be grounds for disciplinary action against the sponsor or guarantor.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On July 23, 2008, Nathaniel was barred from association with and from acting as a principal of any NFA Member for six months and was ordered to pay a $5,000 fine. For a period of one year (exclusive of any period during which Nathaniel is not an NFA Member or an Associate of an NFA Member), Nathaniel may not be associated with an NFA Member unless Nathaniel’s sponsor agrees in writing to tape record all conversations that occur between Nathaniel and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. During this one-year period, Nathaniel may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Nathaniel and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes avialable to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations under the Decision may be grounds for disciplinary action against the sponsor or guarantor.

APPEAL:

On August 5, 2008, American Atlantic, Menoutis and Nathaniel appealed the Decision to NFA's Appeals Committee.

APPEALS DECISION:

On March 19, 2009, the Appeals Committee affirmed the Hearing Panel's Decision in full.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On May 30, 2007, Jeune filed an Answer to the Complaint in which he denied the material allegations contained therein.

DECISION:

On July 23, 2008, Jeune was barred from association with and from acting as a principal of any NFA Member for six months and was ordered to pay a $5,000 fine. For a period of one year (exclusive of any period during which Jeune is not an NFA Member or an Associate of an NFA Member), Jeune may not be associated with an NFA Member unless Jeune’s sponsor agrees in writing to tape record all conversations that occur between Jeune and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. During this one-year period, Jeune may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Jeune and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations under the Decision may be grounds for disciplinary action against the sponsor or guarantor.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On July 23, 2008, Walker was barred from association with and from acting as a principal of any NFA Member for one year and was ordered to pay a $10,000 fine. For a period of one year (exclusive of any period during which Walker is not an NFA Member or an Associate of an NFA Member), Walker may not be associated with an NFA Member unless Walker’s sponsor agrees in writing to tape record all conversations that occur between Walker and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. During this one-year period, Walker may not be an NFA Member or a principal of an NFA Member unless that Member is guaranteed by another NFA Member and the guarantor agrees in writing to tape record all conversations that occur between Walker and both existing and potential customers; to retain each tape for two years from the date the tape is created; and to make the tapes available to NFA upon request. The sponsor or guarantor must also certify that it understands that any violation by the sponsor or guarantor of its obligations under the Decision may be grounds for disciplinary action against the sponsor or guarantor.

COMPLAINT:

On April 27, 2007, NFA issued a Complaint charging American Atlantic, Godnick, Jeune, Nathaniel, Montece, Cantillo, Walker and Ward with making deceptive and misleading sales solicitations. The Complaint also charged American Atlantic, Walker and Ward with making high-pressure sales solicitations. Finally, the Complaint charged American Atlantic and Menoutis with failure to supervise.

ANSWER:

On June 11, 2007, American Atlantic, Godnick, Menoutis, Nathaniel, Walker and Ward filed an Answer to the Complaint in which they denied the material allegations contained therein.

DECISION:

On February 29, 2008, Ward was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA member for one year. During the one-year membership bar, Ward may not act in any capacity requiring registration nor act as a principal of an NFA Member.

If Ward is granted NFA membership or associate membership after expiration of the one-year membership bar, he must pay a $5,000 fine within 30 days after he is granted NFA membership or associate membership.

If Ward again becomes an NFA Member or Associate, he must tape record, for six months, all conversations between himself and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The six-month taping requirement begins on the date Ward again becomes an NFA Member or Associate and will continue for six months. Only periods of time when Ward is registered and actively soliciting customers on a full-time basis, will be counted.

In the event that Ward 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 six months, 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 six-month taping requirement applies to each and every firm of which Ward becomes a principal and begins on the date he becomes a principal of each firm, respectively. Only periods of time when Ward is a principal of that particular firm and that firm is actively soliciting customers will be counted. In any and all events, the taping requirements expire on December 31, 2011.