| CLASH FINANCIAL LLC |
NFA 10BCC00030 |
NFA ID: 0410478 |
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| 0410478 | CLASH FINANCIAL LLC | 04/13/2011 | | 0288544 | OWENS, PHIL ANTHONY | 04/13/2011 |
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| 0410478 | CLASH FINANCIAL LLC | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS | | | | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | 0288544 | OWENS, PHIL ANTHONY | • C.R.2-4 - HIGH STDS. OF COMMERCIAL HONOR | | | | • C.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB. | | | | • C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS |
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| 0410478 | CLASH FINANCIAL LLC | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE | | 0288544 | OWENS, PHIL ANTHONY | • BUSINESS CONDUCT COMMITTEE | | | | • HEARING COMMITTEE |
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| 0410478 | CLASH FINANCIAL LLC | • GENERAL CONDUCT | | | | • SALES PRACTICE | | 0288544 | OWENS, PHIL ANTHONY | • GENERAL CONDUCT | | | | • SALES PRACTICE |
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| 0410478 | CLASH FINANCIAL LLC | • PERMANENT BAR FROM PRINCIPAL STATUS | 03/29/2011 | | | | • PERMANENT BAR FROM NFA MEMBERSHIP | 03/29/2011 | | 0288544 | OWENS, PHIL ANTHONY | • REQUIRED TO TAPE RECORD 6 MTHS | 03/29/2011 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 6 YRS | 03/29/2011 | | | | • FINE (CONTINGENT) $15000 | 03/29/2011 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 6 YRS | 03/29/2011 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 3 YRS | 03/29/2011 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 27, 2010, NFA issued a Complaint charging Clash and Owens with making deceptive and misleading communications to the public and failing to uphold high standards of commercial honor and just and equitable principles of trade.
ANSWER:
On November 29, 2010, Clash and Owens filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On March 29, 2011, pursuant to a settlement offer submitted by Clash and Owens, Clash's NFA membership will terminate effective immediately upon the effective date of the Decision and Clash was ordered to never apply for NFA membership or principal status with any NFA Member in the future.
Owens' NFA associate membership and principal status with an NFA Member will terminate effective immediately upon the effective date of the Decision and Owens was ordered not to apply for NFA associate membership for three years following the date of termination of his NFA associate membership and principal status with an NFA Member. In addition, Owens was ordered not to apply for NFA membership or principal status with any NFA Member or act in a supervisory capacity for any NFA Member for six years following the date of termination of his NFA associate membership and principal status with an NFA Member.
Owens was ordered to make audio recordings of any and all conversation with customers and prospective customers for six months. In addition, he was ordered to cause any and all APs sponsored by any Member of which he is a principal during the six-month period to make audio recordings of any and all conversations with customers and prospective customers. Owens must promptly produce any and all recordings to NFA in a manner in which the participants and dates of the conversations can be readily identified. Only periods when Owens is an NFA Member, Associate Member or a principal of an NFA Member will be counted.
Should Owens apply for NFA membership, associate membership or principal status with any NFA Member following his temporary bar during which he may not apply for NFA membership, associate membership or principal status with any NFA Member, he was ordered to pay a $15,000 fine, due and payable in full on or before the date of any such application. Any future application by Owens for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full. | | | |
| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS. FOR A COPY OF DOCUMENTS, CONTACT NFA'S INFORMATION CENTER.**
COMPLAINT:
On October 27, 2010, NFA issued a Complaint charging Clash and Owens with making deceptive and misleading communications to the public and failing to uphold high standards of commercial honor and just and equitable principles of trade.
ANSWER:
On November 29, 2010, Clash and Owens filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On March 29, 2011, pursuant to a settlement offer submitted by Clash and Owens, Clash's NFA membership will terminate effective immediately upon the effective date of the Decision and Clash was ordered to never apply for NFA membership or principal status with any NFA Member in the future.
Owens' NFA associate membership and principal status with an NFA Member will terminate effective immediately upon the effective date of the Decision and Owens was ordered not to apply for NFA associate membership for three years following the date of termination of his NFA associate membership and principal status with an NFA Member. In addition, Owens was ordered not to apply for NFA membership or principal status with any NFA Member or act in a supervisory capacity for any NFA Member for six years following the date of termination of his NFA associate membership and principal status with an NFA Member.
Owens was ordered to make audio recordings of any and all conversation with customers and prospective customers for six months. In addition, he was ordered to cause any and all APs sponsored by any Member of which he is a principal during the six-month period to make audio recordings of any and all conversations with customers and prospective customers. Owens must promptly produce any and all recordings to NFA in a manner in which the participants and dates of the conversations can be readily identified. Only periods when Owens is an NFA Member, Associate Member or a principal of an NFA Member will be counted.
Should Owens apply for NFA membership, associate membership or principal status with any NFA Member following his temporary bar during which he may not apply for NFA membership, associate membership or principal status with any NFA Member, he was ordered to pay a $15,000 fine, due and payable in full on or before the date of any such application. Any future application by Owens for NFA membership, associate membership or principal status with any NFA Member will not be considered or approved unless the fine has been paid in full. | | |
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