Welcome to the inaugural edition of National Futures Association's Investor Newsletter. As the industrywide self-regulatory organization for the U.S. futures industry, NFA is committed to maintaining the integrity of the futures markets and protecting investors. (Click here to learn more about NFA.)

We believe that investor protection begins with investor education. To that end, we have produced several publications, all of which are available in the Investor Learning Center section of NFA's Web site.

This newsletter, which will be published quarterly, will contain topical information on investing in futures, options on futures and retail off-exchange foreign currency (forex) contracts. We will also highlight steps you can take to avoid becoming a victim of financial fraud. In addition, you will find links to other investor education resources. We hope you find this newsletter informative and useful.

More than 10 years ago, NFA published a brochure entitled "The Swindlers Are Calling" to give individuals information and assistance in helping them avoid becoming a victim of telemarketing fraud. Unfortunately, telemarketing fraud is still being perpetrated on many people and the advice contained in our brochure is as relevant now as it was in 1994. Additionally, with the advent of fraudulent sales solicitations through e-mail, the advice is doubly important.

For example, don't be pushed into a quick decision. Never make any investment or purchase you don't fully understand and never provide personal financial information over the telephone or in an email until you have conducted a thorough background check of the firm or individual.

You can download a free copy of "The Swindlers are Calling" from NFA's Web site or request a paper copy by calling NFA's Information Center toll-free at (800) 621-3570.

The Alliance for Investor Education (AIE) has highlighted NFA's publication "Opportunity and Risk: An Educational Guide to Trading Futures and Options on Futures" as one of the 11 best available investor education resources. AIE is a 22-member organization of the United States' leading financial-related trade associations and governmental organizations.

For a complete list of the investor education resources cited by AIE, visit the new "Resolve to Save & Invest in 2007" section of the AIE Web site.

In the fourth quarter of 2006, NFA's Business Conduct Comittee issued Decisions and Member Responsibility Actions against the following NFA Member firms and individuals. Click on the name for more detailed information.

Decisions in Disciplinary Cases James P. Cagnina Capital Market Services LLC Catalyst Capital Group Dalton Investments LLC Joaneen Davis Russell J. Diaz James V. Eulo Financial Risk Investments FutureTech Trading Group, Inc. et al. Stephanie A. Gallitano HW Associates, Inc. Infinity Futures, Inc. IL Jimi R. Jalil Carmina D. Katsaitis John C. Loiacono John Matthews Robert W. Meddoff Adam S. Mills Mint Money Management LLC James P. Mooney Gustavo Sala Steven J. Shore Spencer Financial LLC Michael F. Staryk, III Ronald H. Weksler Weston Capital Management LLC Richard A. Williams Harry H. Wise Member Responsibility Actions Spot FX Clearing Corp.