| TREND FUND MANAGEMENT LLC |
NFA 12BCC00017 |
NFA ID: 0432465 |
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | 11/14/2012 | | 0432465 | TREND FUND MANAGEMENT LLC | 11/14/2012 |
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | 0432465 | TREND FUND MANAGEMENT LLC | • C.R.2-9(a) - SUPERVISION OF EMPLOYEES | | | | • C.R.2-29(b)(3) - BALANCED DISCUSSION RE PROFIT/RISK | | | | • C.R.2-36(e) - FOREX DEALER MEMBERS SUPERVISION OF EMPLOYEES | | | | • C.R.2-29(b)(1) - USE OF DECEPTIVE PROMO MATER. | | | | • C.R.2-36(b)(1) - CHEAT, DEFRAUD, DECEIVE FOREX CUSTOMERS | | | | • C.R.2-13 - RECORDKEEPING FOR CPOS/CTAS | | | | • C.R.2-29(b)(6) - ACTUAL ACCTS/DISCL OF NUMERICAL INF | | | | • C.R.2-29(b)(4) - USE OF HYPOTHETICAL RESULTS | | | | • C.R.2-29(b)(2) - MISSTATEMT/OMISSION OF FACT PROMP |
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE | | 0432465 | TREND FUND MANAGEMENT LLC | • HEARING COMMITTEE | | | | • BUSINESS CONDUCT COMMITTEE |
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | • GENERAL CONDUCT | | 0432465 | TREND FUND MANAGEMENT LLC | • SALES PRACTICE | | | | • GENERAL CONDUCT |
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | • TERMINATE PRINCIPAL STATUS | 10/30/2012 | | | | • TERMINATE NFA ASSOCIATE MEMBERSHIP | 10/30/2012 | | | | • TEMPORARY BAR FROM NFA ASSOCIATE MEMBERSHIP 3 YRS | 10/30/2012 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 10/30/2012 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 10/30/2012 | | 0432465 | TREND FUND MANAGEMENT LLC | • TERMINATE NFA MEMBERSHIP | 10/30/2012 | | | | • FINE (CONTINGENT) $50000 | 10/30/2012 | | | | • TEMPORARY BAR FROM PRINCIPAL STATUS 5 YRS | 10/30/2012 | | | | • TEMPORARY BAR FROM NFA MEMBERSHIP 5 YRS | 10/30/2012 |
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 6, 2012, NFA's Business Conduct Committee issued a Complaint charging that TFM failed to maintain accurate books and records, provide monthly statements to fund participants and correct material inaccuracies in its offering memorandum. The Complaint also charged that TFM used misleading promotional material. Further, the Complaint charged that both TFM and Littlefield failed to diligently supervise.
ANSWER:
On July 5, 2012, TFM and Littlefield filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On October 30, 2012, pursuant to a settlement offer submitted by TFM and Littlefield, TFM was ordered to terminate its NFA membership on the date the Decision was issued and not apply for NFA membership or principal status with any NFA Member for five years. Should TFM apply for NFA membership or principal status after the expiration of the five-year period during which it is prohibited from applying for NFA membership or principal status, TFM was ordered to pay a $50,000 fine, due and payable in full on or before the date of any such application. No consideration will be given to or action taken on any future application by TFM for NFA membership or principal status until the fine has been paid in full.
Littlefield was ordered to terminate his NFA associate membership and principal status on the date the Decision was issued and not apply for NFA membership or principal status with any NFA member for five years. In addition, Littlefield may not apply for NFA associate membership for three years.
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| **TO VIEW DOCUMENTS, GO TO CASE DOCUMENTS.**
COMPLAINT:
On June 6, 2012, NFA's Business Conduct Committee issued a Complaint charging that TFM failed to maintain accurate books and records, provide monthly statements to fund participants and correct material inaccuracies in its offering memorandum. The Complaint also charged that TFM used misleading promotional material. Further, the Complaint charged that both TFM and Littlefield failed to diligently supervise.
ANSWER:
On July 5, 2012, TFM and Littlefield filed an Answer to the Complaint in which they denied the material allegations contained therein.
DECISION:
On October 30, 2012, pursuant to a settlement offer submitted by TFM and Littlefield, TFM was ordered to terminate its NFA membership on the date the Decision was issued and not apply for NFA membership or principal status with any NFA Member for five years. Should TFM apply for NFA membership or principal status after the expiration of the five-year period during which it is prohibited from applying for NFA membership or principal status, TFM was ordered to pay a $50,000 fine, due and payable in full on or before the date of any such application. No consideration will be given to or action taken on any future application by TFM for NFA membership or principal status until the fine has been paid in full.
Littlefield was ordered to terminate his NFA associate membership and principal status on the date the Decision was issued and not apply for NFA membership or principal status with any NFA member for five years. In addition, Littlefield may not apply for NFA associate membership for three years.
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| 0429430 | LITTLEFIELD, SCOTT SHIPP | ANSWER | | 0429430 | LITTLEFIELD, SCOTT SHIPP | COMPLAINT | | 0429430 | LITTLEFIELD, SCOTT SHIPP | DECISION | | 0432465 | TREND FUND MANAGEMENT LLC | ANSWER | | 0432465 | TREND FUND MANAGEMENT LLC | COMPLAINT | | 0432465 | TREND FUND MANAGEMENT LLC | DECISION |
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