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For Immediate Release
October 08, 2003

For more information contact:
Cindy Cain (312) 781-1490,
Larry Dyekman (312) 781-1372,

NFA Appeals Committee affirms decision to expel Chicago commodities firm

October 8, Chicago - National Futures Association announced today that its Appeals Committee has affirmed the expulsion of The Siegel Trading Company from NFA membership and upheld the permanent bar of Frank Mazza, the firm's president and sole owner, from association with any NFA Member. Siegel is a Futures Commission Merchant headquartered in Chicago, Illinois.

The Appeals Committee's ruling upholds in full a Decision issued on March 24, 2003 by an NFA Hearing Panel. The Committee affirmed the Panel's findings 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 upheld the Panel's decision that Mazza and five Siegel branch office managers and principals, Robert Benedetto, John Douglas, James Lane, Morton Reinman and Frank Robbins, failed to supervise Siegel's employees in the conduct of Siegel's futures business.

The Committee's Decision was issued on October 6, 2003 and will become effective on November 5, 2003. Siegel and the named individuals may appeal the matter to the Commodity Futures Trading Commission.

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