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February 12, 2007
NFA permanently bars Protrade Futures & Options and Corporate Commodities, Inc.; suspends others
February 12, Chicago - National Futures Association (NFA) has permanently barred from NFA membership, Protrade Futures & Options (Protrade) and Corporate Commodities, Inc. (CCI). Protrade and CCI are Introducing Brokers located in Aventura and Pembroke Pines, Florida, respectively. The Decision, issued by NFA's Business Conduct Committee, is based on a NFA Complaint filed in August 2006 and a settlement offer submitted by Protrade and CCI. Summer L. Mote, a principal of Protrade, was also barred from NFA membership for one year.
The Committee found that Protrade and CCI used deceptive, misleading, and high-pressured sales tactics in soliciting customers. In addition, the Committee found that Protrade, CCI and Mote failed to adequately supervise their sales force and failed to prevent fraudulent sales practices.
In a related Decision, Donnetta L. Bass, an associated person (AP) of Protrade and CCI, was permanently barred from NFA membership and from acting as a principal of any NFA Member. The Committee found that Bass used misleading and deceptive statements in the solicitation of customers. In a separate enforcement action issued in August 2003, Bass was previously fined and ordered to tape record conversations with customers, because of similar misconduct that occurred while she was an AP of American Financial Trading Corp.
The complete text of the Complaint and Decisions can be found on NFA's Web site (www.nfa.futures.org).
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