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For Immediate Release January 16, 2008 For more information contact: NFA permanently bars Commodity Pool Operator and its principal; levies fine of $200,000 January 16, Chicago - National Futures Association (NFA) has permanently barred Cornerstone Capital Management LLC (Cornerstone) and its principal, Joseph Thomas Profit, Jr. (Profit), from NFA membership. Cornerstone and Profit must also pay a fine of $200,000. Cornerstone is a Commodity Pool Operator and Commodity Trading Advisor. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in June 2007. The Panel found that Cornerstone provided false and misleading information to NFA. In addition, the Panel found that Cornerstone failed to provide evidence that it had achieved advertised rates of return when customers actually lost money trading through their program. Finally, the Panel found that Cornerstone and Profit failed to adequately supervise the activities of their firm. NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.
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