| AVS CARTER FINANCIAL INC |
NFA 09BCC00025 |
NFA ID: 0401563 |
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| 0380094 | AKRAM, SHAHZAD | 05/11/2010 | | 0401563 | AVS CARTER FINANCIAL INC | 05/11/2010 |
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| 0380094 | AKRAM, SHAHZAD | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | 0401563 | AVS CARTER FINANCIAL INC | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS |
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| 0380094 | AKRAM, SHAHZAD | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE | | 0401563 | AVS CARTER FINANCIAL INC | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE |
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| 0380094 | AKRAM, SHAHZAD | • GENERAL CONDUCT | | 0401563 | AVS CARTER FINANCIAL INC | • SALES PRACTICE |
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| 0380094 | AKRAM, SHAHZAD | • FINE (CONTINGENT) $5000 | 04/26/2010 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 2 YRS | 04/26/2010 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 2 YRS | 04/26/2010 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 2 YRS | 04/26/2010 | | 0401563 | AVS CARTER FINANCIAL INC | • OTHER--SEE NARRATIVE | 04/26/2010 | | | | • PERMANENT BAR FROM NFA MEMBERSHIP | 04/26/2010 | | | | • PERMANENT BAR FROM PRINCIPAL STATUS | 04/26/2010 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On August 25, 2009, NFA issued a Complaint charging AVS Carter Financial with attempting to cheat, defraud and deceive customers. The Complaint also charged Akram with failing to supervise.
ANSWER:
On September 23, 2009, AVS Carter Financial and Akram filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On April 26, 2010, AVS Carter Financial was ordered to withdraw from NFA membership and was permanently barred from NFA membership and from acting as a principal of an NFA Member. AVS Carter Financial was also ordered to deactivate all of its websites which promote it and over which it has control. Akram was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for two years. If after expiration of the two-year membership bar Akram 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 at the time he applies for NFA membership or associate membership or becomes a principal of an NFA Member. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On August 25, 2009, NFA issued a Complaint charging AVS Carter Financial with attempting to cheat, defraud and deceive customers. The Complaint also charged Akram with failing to supervise.
ANSWER:
On September 23, 2009, AVS Carter Financial and Akram filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On April 26, 2010, AVS Carter Financial was ordered to withdraw from NFA membership and was permanently barred from NFA membership and from acting as a principal of an NFA Member. AVS Carter Financial was also ordered to deactivate all of its websites which promote it and over which it has control. Akram was ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for two years. If after expiration of the two-year membership bar Akram 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 at the time he applies for NFA membership or associate membership or becomes a principal of an NFA Member. | | |
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