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January 19, 2007
National Futures Association issues two-year suspension and $300,000 fine to Florida futures firm
January 19, Chicago - National Futures Association (NFA) announced today that it has barred Barkley Financial Corporation, an Introducing Broker located in Ft. Lauderdale, Florida, for a period of two years and fined the firm $300,000. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed on September 23, 2005 and a subsequent hearing.
The Panel found that Barkley's sales staff used misleading solicitations and that Barkley took inadequate supervisory steps to detect and prevent those violations.
The two-year bar is retroactive to April 24, 2006, which is the date that Barkley withdrew from NFA membership. In the event that Barkley applies for membership following the two-year bar, the firm must comply with several conditions, including tape recording all conversations that occur between any of its sales staff and both existing and potential customers. Barkley would also not be allowed to hire personnel who previously worked at firms barred from the industry for sales practice fraud.
The complete text of the Complaint and Decision can be found on NFA's Web site (www.nfa.futures.org).
In a related enforcement action, the Hearing Panel issued a three-month suspension and a $2,500 fine to David J. Aguirre, an Associate of Barkley, for making deceptive and misleading sales solicitations. If Aguirre becomes associated with an NFA Member firm following his suspension, the firm must agree to several conditions, including tape recording all conversations that occur between Aguirre and both existing and potential customers for a period of six months.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.