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For Immediate Release
December 05, 2008

For more information contact:
Karen Wuertz (312) 781-1335,
Larry Dyekman (312) 781-1372,

National Futures Association distributes nearly $3.4 million in restitution payments to victims in illegal off-exchange metal options case

December 5, Chicago - National Futures Association (NFA) announced today that it has distributed close to $3.4 million to 242 investors as part of a consent order issued on April 11, 2008, against E-Metal Merchants, Inc. and two of the firm's officers, Benji Dayan and Andrew Stern. The case was filed by the Commodity Futures Trading Commission (CFTC) in the United States District Court for the Southern District of Florida.

The consent order arises from a CFTC lawsuit filed on June 13, 2005, which alleged that E-Metal Merchants purchased and sold illegal off-exchange metal options in violation of the Commodity Exchange Act (CEA) and CFTC regulations. The consent order provides that Dayan and Stern are liable for the firm's violations of the CEA and CFTC regulations.

NFA's restitution program usually applies to judgments awarded in cases brought by the CFTC involving commodity fraud. As part of the resolution of these cases, NFA is named to administer the restitution process.

"NFA does not charge any fees for administering our restitution service, because we want to return as much money as possible to the victims," said NFA President Dan Roth. "In the past 10 years, NFA has distributed nearly $19 million to over 7,300 investors."

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

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