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For Immediate Release
May 29, 2008

For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org

NFA permanently bars Los Angeles firm, Jaguar Trading and suspends firm's principal, Jonathan J. Berman

May 29, Chicago - National Futures Association (NFA) has permanently barred Jaguar Trading (Jaguar) from NFA membership and suspended Jonathan J. Berman, its sole principal, from NFA membership for a period of one year. Jaguar is an Introducing Broker located in Los Angeles, California. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in December 2007 and a settlement offer submitted by Jaguar and Berman.

The Panel found that Jaguar and Berman made misleading sales solicitations to NFA Compliance staff members who posed as prospective customers as a part of NFA's Enhanced Surveillance Program. Jaguar and Berman's solicitations exaggerated the profit potential of trading options; minimized the risk of loss; failed to disclose that the majority of Jaguar and Berman's customers lost money and that current events and weather trends would move the market higher without disclosing that such information was already factored into the markets.

In the event that Berman reapplies for and is granted NFA membership or associate membership, after the expiration of the one-year bar, he must pay a fine of $5,000 and is required to tape record all conversations with existing or potential customers for a period of six months.

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.

NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the futures markets.
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