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November 17, 1999
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Laura M. Oatney
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NFA bars and fines Ceres Trading Group, Inc.; fines Bryan O. Tierney
November 17, Chicago - National Futures Association ordered Ceres Trading Group, Inc. to withdraw from NFA membership and never reapply. NFA also ordered Ceres, Scott Parker and Robert Parker to pay a fine of $75,000. In addition to the fine, Scott and Robert Parker were also ordered to submit all promotional material of any firm of which either is a principal to NFA for review and approval prior to its first use for a period of one year. Ceres is a guaranteed introducing broker Member of NFA located in Atlanta, Georgia. Scott Parker and Robert Parker are principals of the firm.
The Complaint issued by NFA's Business Conduct Committee (BCC) alleged that Ceres used television and radio advertisements that were deceptive, misleading and unbalanced in the presentation of the possibility of profit and the risk of loss. Ceres, Scott Parker and Robert Parker neither admitted nor denied the allegations against them.
In another Decision issued by NFA, Bryan O. Tierney was ordered to pay a fine of $50,000 and was barred from acting as a principal of any NFA Member for a period of six years. Tierney is also subject to restrictions and conditions on his activities as an Associate of any NFA Member for six years. Tierney is an associated person of First Investors Group of Palm Beaches, Inc., an independent introducing broker Member of NFA located in Delray Beach, Florida.
The Decision, which was issued after a hearing, found that Tierney engaged in misleading sales solicitations and used high-pressure sales tactics. The Decision also found that Tierney solicited customers to invest additional money when he knew that they could not afford to lose any more money; encouraged customers to borrow money and purchase options using non-sufficient funds checks; and discouraged one customer from discussing her options investment with her mutual fund broker.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.