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For Immediate Release
March 25, 2003
Media Contact on this Case:
NFA expels Chicago commodities firm
March 25, Chicago - National Futures Association announced today that it has expelled The Siegel Trading Company from NFA membership and permanently barred Frank Mazza, the firm's president and sole owner, from association with any NFA member. The action was taken as part of a Decision issued by NFA's Hearing Committee. Siegel is a Futures Commission Merchant headquartered in Chicago, Illinois.
The Hearing Committee found that Siegel's sales solicitations were deceptive and misleading because they used exaggerated profit projections, implied that large profits were likely and could easily be obtained and downplayed the risk of loss. The Committee also found that Mazza failed to supervise Siegel's employees in the conduct of Siegel's futures business.
The Committee also took the following actions against Siegel Trading's branch office managers and principals:
Siegel, Mazza, Benedetto, Robbins, Douglas, Reinman and Lane may appeal the Panel's Decision to NFA's Appeals Committee within 15 days of the date of the Decision.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives and other financial markets.