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January 25, 2007
NFA permanently bars Commodity Investment Group; suspends and fines its principals
January 25, Chicago - National Futures Association (NFA) has permanently barred from NFA membership, Commodity Investment Group (CIG), an Introducing Broker located in Ft. Lauderdale, Florida. The permanent bar also prohibits CIG from acting as a principal of an NFA Member. The Decision issued by NFA's Hearing Panel is based on a Complaint filed in July 2005 and the settlement offer submitted by CIG.
The Hearing Panel found that CIG used a high-pressured sales approach while making deceptive and misleading sales solicitations. Additionally, the Hearing Panel found that CIG submitted false and misleading information to NFA. Finally, the Hearing Panel found that CIG allowed an unregistered individual to solicit new accounts.
The complete text of the Complaint and Decision is available on NFA's Web site (www.nfa.futures.org).
In several related actions, NFA issued a one-year suspension to Paul J. Paradis and Linda R. Kuhney, both principals of CIG, and ordered them to pay $10,000 respectively. NFA also suspended Janelle M. Breig, another principal of CIG, for a period of six months and ordered her to pay $5,000. In the event that Paradis, Kuhney or Breig become NFA Members after the expiration of the suspension, they and any firms of which they are principals, are ordered to tape record all conversations between customers and potential customers for a period of six months.
Other associated persons (APs) of CIG, including Steven P. Becker, Hingo Nagel, R. Kevin Monk and John R. Wright have also been suspended, ordered to pay fines, and tape record their conversations with customers in the event they again become NFA Members.
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