| NETBLACK CAPITAL LLC |
NFA 09BCC00024 |
NFA ID: 0405361 |
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| 0405361 | NETBLACK CAPITAL LLC | 02/16/2010 | | 0317562 | NETTO, JOHN FRANCIS | 02/16/2010 |
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| 0405361 | NETBLACK CAPITAL LLC | • C.R.2-29(b)(5) - REF. TO ACTUAL PAST TRADING PROFITS | | | | • C.R.2-6 - CONDUCTING BUSINESS W/ SUSP. MEMBER | | 0317562 | NETTO, JOHN FRANCIS | • C.R.2-29(b)(5) - REF. TO ACTUAL PAST TRADING PROFITS | | | | • C.R.2-6 - CONDUCTING BUSINESS W/ SUSP. MEMBER |
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| 0405361 | NETBLACK CAPITAL LLC | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE | | 0317562 | NETTO, JOHN FRANCIS | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE |
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| 0405361 | NETBLACK CAPITAL LLC | • GENERAL CONDUCT | | | | • SALES PRACTICE | | 0317562 | NETTO, JOHN FRANCIS | • GENERAL CONDUCT | | | | • SALES PRACTICE |
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| 0405361 | NETBLACK CAPITAL LLC | • TEMPORARY WITHDRAWAL FROM NFA MEMBERSHIP 5 YRS | 01/29/2010 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 01/29/2010 | | | | • FINE (CONTINGENT) $15000 | 01/29/2010 | | 0317562 | NETTO, JOHN FRANCIS | • OTHER--SEE NARRATIVE | 01/29/2010 | | | | • FINE $15000 | 01/29/2010 |
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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 NetBlack and Netto with doing business with Jes Black when he was barred from NFA membership and failing to maintain support for its rates of return.
ANSWER:
On September 24, 2009, NetBlack and Netto filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On January 29, 2010, an NFA Hearing Panel issued a Decision accepting a ssttlement offer submitted by NetBlack and Netto in which NetBlack and Netto neither admitted nor denied the allegations of the Complaint. Pursuant to the settlement offer, the Hearing Panel ordered NetBlack to withdraw from NFA membership and not reapply for NFA membership or act as a principal of an NFA Member for five years. If after expiration of the five-year period, NetBlack reapplies for NFA membership or acts as a principal of an NFA Member, then in either such event, it was ordered to pay a $15,000 fine, due and payable at the same time it applies for NFA membership or begins acting as a principal of an NFA Member.
Netto, and any and all firms for which he is a principal, were ordered not to do any business whatsoever with Jason Black a/k/a Jes Black for 30 months. This specifically prohibits Netto and any firms for which Netto is a principal from having Black perform any activities for or on their behalf regardless of whether such activities require registration or NFA membership; and also prohibits them from having Black act for or on their behalf as an employee, consultant, advisor, independent contractor, agent or unpaid volunteer; and further prohibits them from having Black physically present in their offices. Netto was also ordered to pay a $15,000 fine.
When undertaking activity in any fashion that requires registration with the CFTC and membership with NFA, Netto - and any and all NFA Member firms for which he is a principal - were ordered to: submit all promotional material which contains performance information or rates of return to NFA for review and approval prior to first using such promotional material; and cause any performance information or rates of return contained in any of their promotional material to be calculated by a third party CPA and they must submit to NFA support for the performance calculations of the third party CPA, together with the promotional material to which such calculations pertain. This will continue for 24 months.
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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 NetBlack and Netto with doing business with Jes Black when he was barred from NFA membership and failing to maintain support for its rates of return.
ANSWER:
On September 24, 2009, NetBlack and Netto filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On January 29, 2010, an NFA Hearing Panel issued a Decision accepting a ssttlement offer submitted by NetBlack and Netto in which NetBlack and Netto neither admitted nor denied the allegations of the Complaint. Pursuant to the settlement offer, the Hearing Panel ordered NetBlack to withdraw from NFA membership and not reapply for NFA membership or act as a principal of an NFA Member for five years. If after expiration of the five-year period, NetBlack reapplies for NFA membership or acts as a principal of an NFA Member, then in either such event, it was ordered to pay a $15,000 fine, due and payable at the same time it applies for NFA membership or begins acting as a principal of an NFA Member.
Netto, and any and all firms for which he is a principal, were ordered not to do any business whatsoever with Jason Black a/k/a Jes Black for 30 months. This specifically prohibits Netto and any firms for which Netto is a principal from having Black perform any activities for or on their behalf regardless of whether such activities require registration or NFA membership; and also prohibits them from having Black act for or on their behalf as an employee, consultant, advisor, independent contractor, agent or unpaid volunteer; and further prohibits them from having Black physically present in their offices. Netto was also ordered to pay a $15,000 fine.
When undertaking activity in any fashion that requires registration with the CFTC and membership with NFA, Netto - and any and all NFA Member firms for which he is a principal - were ordered to: submit all promotional material which contains performance information or rates of return to NFA for review and approval prior to first using such promotional material; and cause any performance information or rates of return contained in any of their promotional material to be calculated by a third party CPA and they must submit to NFA support for the performance calculations of the third party CPA, together with the promotional material to which such calculations pertain. This will continue for 24 months. | | |
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