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December 12, 2007
For more information contact:
Larry Dyekman (312) 781-1372, ldyekman@nfa.futures.org
Karen Wuertz (312) 781-1335, kwuertz@nfa.futures.org
NFA permanently bars employee of American National Trading Corp.
December 12, Chicago - National Futures Association (NFA) has permanently barred Karl A. Flowers, an associated person (AP) of American National Trading Corp. (ANTC), a Futures Commission Merchant located in Century City, California. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in November 2006 and a settlement offer submitted by Flowers.
The Panel found that Flowers made misleading sales solicitations which exaggerated the profit potential of trading options. In addition, the Panel found that Flowers never disclosed that over 95 percent of his customers lost money in 2005 and over 88 percent lost money in 2004. Flowers emphasized in his solicitations that well-known facts could move the market, such as the limited oil refinery capacity in the United States, when this information had already been factored into the market.
This Decision is one of several issued recently in the Complaint against ANTC and several of its APs and principals. See previous press release.
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