News Releases2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | Show fewer years
March 03, 2008
NFA settles enforcement action against James A. Ward, a former associated person of American Atlantic Financial Corp.
March 3, Chicago - National Futures Association (NFA) has ordered James A. Ward, a former associated person of American Atlantic Financial Corp. (American Atlantic), not to apply for NFA membership or associate membership for a period of one year. American Atlantic is an Introducing Broker located in Fort Lauderdale, Florida. The Decision, issued by an NFA Hearing Panel, is based on the Complaint filed in April 2007 and a settlement offer submitted by Ward.
The Panel found that Ward made misleading sales solicitations to an American Atlantic customer. Ward exaggerated profit potential, downplayed the risk of loss of trading options, suggested that well-known current events and seasonal trends would move the markets when this information was already factored into the markets, and failed to disclose that 90% of American Atlantic customers lost money.
In the event that Ward becomes an NFA Member or Associate following his one year-suspension, he must pay a fine of $5,000 and tape record all conversations between him and existing or potential customers for a period of six months.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.