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For Immediate Release
August 16, 1999

For more information contact:
Laura M. Oatney
(312) 781-1370 or
Jennifer Bucko
(312) 781-1373

NFA bars Porter Smith & Company, Inc. and two of its associates

August 16, Chicago - National Futures Association permanently barred Porter Smith & Company, Inc. from NFA membership. Also, Sol Cherwin agreed to withdraw from NFA membership for a period of 18 months after which he may reapply for membership under the condition that he tape record all solicitations for a period of one year. Cherwin was also ordered not to act as a principal, officer or in any other supervisory capacity of any NFA Member for a period of 10 years. NFA also barred Mitchell B. Goldberg from NFA membership for a period of four years and permanently barred him from acting as a principal, officer or in any other supervisory capacity of any NFA Member.

PSCI is a former introducing broker Member of NFA located in Aventura, Florida. Cherwin is a PSCI former president, principal and former NFA Associate. Goldberg is a former associated person (AP) and principal of the firm.

In its Complaint, NFA's Business Conduct Committee alleged that PSCI's APs made sales solicitations to customers which were deceptive and misleading. The Complaint also charged Cherwin and Goldberg with failing to supervise PSCI APs. PSCI and Cherwin submitted settlement offers in which they neither admitted nor denied the allegations in the Complaint. Goldberg failed to file an Answer and is therefore deemed to have admitted the facts and legal conclusions alleged in the Complaint and to have waived his right to a hearing.

NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.

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