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For Immediate Release
December 20, 1999

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

NFA takes action against Wisconsin broker

December 20, Chicago - National Futures Association issued an Associate Responsibility Action (ARA) on December 17, 1999, against Michael James Konkel. The ARA suspended Konkel's authority to conduct futures-related business activities and froze all trading accounts held by NFA Members that are owned or controlled by Konkel. Konkel is an Associate of World Capital Brokerage Services, Inc., an NFA Member whose main office is located in Tampa, Florida. Konkel manages a WCBS branch office in Cottage Grove, Wisconsin.

NFA deemed the ARA to be necessary to protect commodity futures markets customers or other NFA Members, in part, because it had reason to believe that Konkel misappropriated several hundred thousand dollars of investor funds-at least some of which were raised from investors in and around Henry County, Alabama-to his own use. The ARA also alleged that NFA had reason to believe that Konkel operated a commodity pool without required registration and that he provided false information to NFA during the course of its investigation of his activities.

This ARA becomes effective immediately and will remain in effect until Konkel has demonstrated to NFA that he is in complete compliance with all NFA requirements. Konkel is entitled to a prompt hearing in this matter. Anyone with information regarding this matter should contact NFA at (800) 621-3570 or by e-mail at

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

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