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December 27, 2005
NFA permanently bars Florida futures firm, its principal and an associated person
December 27, Chicago - National Futures Association has permanently barred Wallstreet Financial Trading, Inc. (Wallstreet), a former introducing broker (IB) located in West Palm Beach, Florida, from reapplying for NFA membership or acting as a principal of an NFA Member. NFA has also permanently barred Andre C. Mitchell (Mitchell), an associated person (AP) of Wallstreet, from NFA membership. Joseph C. DiCrisci (DiCrisci), the sole owner and principal of Wallstreet, was also ordered not to apply for NFA membership or associate membership or act as a principal of an NFA Member for one year and, if he again becomes an NFA Member to pay a $10,000 fine and tape record conversations with customers for six months.
The Decision, handed down by an NFA Hearing Panel, is a result of an NFA Complaint issued on May 26, 2005, and reflects a settlement offer submitted by Wallstreet and DiCrisci.
The NFA Complaint charged Wallstreet, DiCrisci and Mitchell with making deceptive, misleading and high-pressured sales solicitations, which included false statements, exaggerated profit claims, and inadequate risk disclosures. The Complaint also charged Wall Street and DiCrisci with failing to diligently supervise employees and agents in the conduct of their commodity futures activities.
The complete text of the Complaint and the Decision can be found on NFA's Web site (www.nfa.futures.org).
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.