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For Immediate Release
November 23, 1999

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

NFA fines Alaron Trading Corporation $200,000

November 23, Chicago - National Futures Association fined Alaron Trading Corporation $200,000 and, as part of its settlement offer, the firm agreed to hire a new Chief Financial Officer and General Counsel. The Decision also ordered Jeffrey H. Spencer to withdraw from NFA membership and Associate membership for a period of two years and not to act as a principal of any NFA Member for three years. Alaron is a futures commission merchant NFA Member located in Chicago, Illinois. Spencer is an associated person of the firm.

In a Complaint issued by NFA's Business Conduct Committee, Alaron was charged with associating with unregistered individuals and doing business with non-Members of NFA. Alaron and Spencer were charged with failing to observe high standards of commercial honor and just and equitable principles of trade and also with failing to supervise. Alaron and Spencer submitted a settlement offer in which they neither admitted nor denied the allegations in the Complaint.

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

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