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July 31, 2007
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NFA suspends associated persons of Introducing Broker Mercer Capital, Inc.
July 31, Chicago - National Futures Association (NFA) has suspended Benjamin Kerpe and Arthur Viera, associated persons (APs) of former Introducing Broker, Mercer Capital, Inc. (MCI) located in Portland, Oregon, from NFA membership for a period of three months. Kerpe and Viera must also pay a fine of $5,000 each. Additionally, NFA suspended Charles M. Montgomery, another AP of MCI, from NFA membership for a period of one year and ordered Montgomery to pay a fine of $10,000. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in August 2006.
The Panel found that Kerpe, Viera and Montgomery made deceptive and misleading sales solicitations to customers, which exaggerated the profit potential of trading options, and downplayed the risk, thus making it appear that large profits were easily attainable trading through MCI. Kerpe, Viera and Montgomery also suggested to customers that known events that were already factored into the market would impact the price of options.
The Decision concludes the Complaint brought against MCI, Mercer Capital Management and its employees. See previous press release.
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