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For Immediate Release
February 27, 2007
NFA permanently bars International Commodity Clearing and suspends its principal, Steven I. Zander
February 27, Chicago - National Futures Association (NFA) has permanently barred International Commodity Clearing (ICC), a Futures Commission Merchant located in Ft. Lauderdale, Florida, from NFA membership. NFA also suspended Steven I. Zander, ICC's principal, from NFA membership and from acting as a principal of an NFA Member for a period of one year. The Decision, issued by NFA's Hearing Panel, is based on a Complaint filed in March 2006 and a settlement offer submitted by ICC and Zander.
The Complaint charged that ICC and Zander failed to adequately supervise ICC's Guaranteed Introducing Brokers (GIBs). Additionally, the Complaint charged ICC with the following violations committed by its GIBs: making deceptive, misleading and high-pressured sales solicitations; providing false and misleading information to NFA; failing to supervise; encouraging a customer to borrow money to fund his account and allowing an unregistered individual to solicit accounts. A GIB is an Introducing Broker that has a written agreement with an FCM that obligates the FCM to assume responsibility for the performance of the GIB in connection with futures and options customers.
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