| GLOBAL TRADING CENTER LLC |
NFA 08BCC00026 |
NFA ID: 0346309 |
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| 0327711 | GARCIA JR, RICARDO | 05/18/2009 | | 0346309 | GLOBAL TRADING CENTER LLC | 09/17/2009 | | 0323913 | SHAPIRO, HARRIS | 09/17/2009 | | 0328646 | WHITE WEBSTER, KAYE SIMONE | 07/28/2009 |
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| 0327711 | GARCIA JR, RICARDO | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-29(a)(2) - HIGH PRESSURE COMM. PROHIBITED | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | 0346309 | GLOBAL TRADING CENTER LLC | • C.R.2-10 - RECORDKEEPING FCMS/IBS | | | | • F.R.SEC5NEW - INTRODUCING BROKER FINANCIAL REQUIREMENTS | | | | • C.R.2-5 - FAILURE TO COOPERATE W/ NFA | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | | | • C.R.2-29(a)(2) - HIGH PRESSURE COMM. PROHIBITED | | | | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | 0323913 | SHAPIRO, HARRIS | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-5 - FAILURE TO COOPERATE W/ NFA | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-29(a)(2) - HIGH PRESSURE COMM. PROHIBITED | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | 0328646 | WHITE WEBSTER, KAYE SIMONE | • C.R.2-29(a)(2) - HIGH PRESSURE COMM. PROHIBITED | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR |
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| 0327711 | GARCIA JR, RICARDO | • BUSINESS CONDUCT COMMITTEE | | 0346309 | GLOBAL TRADING CENTER LLC | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE | | 0323913 | SHAPIRO, HARRIS | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE | | 0328646 | WHITE WEBSTER, KAYE SIMONE | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE |
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| 0327711 | GARCIA JR, RICARDO | • SALES PRACTICE | | 0346309 | GLOBAL TRADING CENTER LLC | • SALES PRACTICE | | | | • FINANCIAL | | | | • GENERAL CONDUCT | | | | • OFFICE RECORDKEEPING | | 0323913 | SHAPIRO, HARRIS | • GENERAL CONDUCT | | | | • SALES PRACTICE | | 0328646 | WHITE WEBSTER, KAYE SIMONE | • SALES PRACTICE |
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| 0327711 | GARCIA JR, RICARDO | • TEMPORARY BAR FROM PRINCIPAL STATUS 1 YRS | 05/01/2009 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 1 YRS | 05/01/2009 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 1 YRS | 05/01/2009 | | | | • REQUIRED TO TAPE RECORD 1 YRS | 05/01/2009 | | | | • FINE (CONTINGENT) $5000 | 05/01/2009 | | 0346309 | GLOBAL TRADING CENTER LLC | • PERMANENT BAR FROM NFA MEMBERSHIP | 09/02/2009 | | | | • PERMANENT BAR FROM PRINCIPAL STATUS | 09/02/2009 | | 0323913 | SHAPIRO, HARRIS | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 09/02/2009 | | | | • FINE (CONTINGENT) $250000 | 09/02/2009 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 5 YRS | 09/02/2009 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 09/02/2009 | | 0328646 | WHITE WEBSTER, KAYE SIMONE | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 07/13/2009 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 07/13/2009 | | | | • FINE (CONTINGENT) $10000 | 07/13/2009 | | | | • REQUIRED TO TAPE RECORD 1 YRS | 07/13/2009 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 5 YRS | 07/13/2009 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
DECISION:
On May 1, 2009, Garcia 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, Garcia was ordered not to act in any capacity requiring registration, nor act as a principal of an NFA Member.
If after expiration of the one-year membership bar Garcia applies for NFA membership or associate membership or becomes a principal of an NFA Member, he was ordered to pay a $5,000 fine, due and payable when he applies for NFA membership or associate membership or becomes an NFA Member.
If Garcia 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 taping requirement begins on the date Garcia again becomes an NFA Member or Associate and will continue for one year. Only periods of time when he is registered and actively soliciting customers will be counted. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
ANSWER:
On May 27, 2009, GTC and Shapiro filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 2, 2009, Global Trading was permanently barred from NFA membership and from acting as a principal of an NFA Member. Shapiro was ordered not apply for NFA membership or associate membership or act as a principal of an NFA Member for five years. If, after the five-year membership bar, he applies for NFA membership or associate membership or seeks to become a principal of an NFA Member, then the facts and violations alleged in the Complaint will be deemed admitted and will not be contested by him, and may be used as the sole basis for denying him registration, NFA membership or associate membership, and/or principal status.
If after the five-year membership bar, Shapiro applies for NFA membership or associate membership, or seeks to become a principal of an NFA Member then he must pay a $250,000 fine, due and payable at the time he makes such application and until such time as he pays this fine in full, no action will be taken to process the application. Payment of the fine will in no way preclude NFA from denying his application for NFA membership, associate membership, or status as a principal of an NFA Member, solely on the basis of the facts and violations in this case.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
ANSWER:
On May 27, 2009, GTC and Shapiro filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On September 2, 2009, Global Trading was permanently barred from NFA membership and from acting as a principal of an NFA Member. Shapiro was ordered not apply for NFA membership or associate membership or act as a principal of an NFA Member for five years. If, after the five-year membership bar, he applies for NFA membership or associate membership or seeks to become a principal of an NFA Member, then the facts and violations alleged in the Complaint will be deemed admitted and will not be contested by him, and may be used as the sole basis for denying him registration, NFA membership or associate membership, and/or principal status.
If after the five-year membership bar, Shapiro applies for NFA membership or associate membership, or seeks to become a principal of an NFA Member then he must pay a $250,000 fine, due and payable at the time he makes such application and until such time as he pays this fine in full, no action will be taken to process the application. Payment of the fine will in no way preclude NFA from denying his application for NFA membership, associate membership, or status as a principal of an NFA Member, solely on the basis of the facts and violations in this case.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 28, 2008, NFA issued a Complaint charging GTC, Shapiro, Webster and Garcia with making deceptive, misleading and high-pressured sales solicitations and failing to uphold high standards of commercial honor and just and equitable principles of trade by employing abusive trading strategies. The Complaint also charged GTC and Shapiro with failing to uphold high standards of commercial honor and just and equitable principles of trade by using settlement agreements that prohibited customers from providing information to NFA. The Complaint further charged GTC with failing to maintain current books and records and failing to calculate adjusted net capital properly. Finally, the Complaint charged GTC and Shapiro with failing to cooperate with NFA during its audit and failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
ANSWER:
On November 24, 2008, Webster filed an Answer to the Complaint in which she denied the material allegations contained therein.
DECISION:
On July 13, 2009, Webster was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for five years. During five-year membership bar, Webster may not act in any capacity requiring registration, nor act as a principal of an NFA Member.
If after expiration of the five-year membership bar Webster applies for NFA membership or associate membership or becomes a principal of an NFA Member, she must pay a $10,000 fine, due and payable at the time she applies for NFA membership, associate membership or becomes a principal of an NFA Member.
If Webster again becomes an NFA Member or Associate, she must tape record, for one year, all conversations between herself and existing or potential customers; retain the tapes for one year; and make the tapes available to NFA. The one-year taping requirement begins on the date she again becomes an NFA Member or Associate and continues for one year. Only periods of time when she is registered and actively soliciting customers will be counted.
If Webster becomes a principal of an NFA Member, she will cause all APs of that firm - and any other firm of which she 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 she becomes a principal and begins on the date she becomes a principal of each firm, respectively. Only periods of time when she 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, 2016.
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