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March 02, 2000
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Laura M. Oatney
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NFA fines introducing broker and its president $100,000
March 2, Chicago - National Futures Association fined a Deerfield Beach, Florida introducing broker and its president $100,000 for allegedly using deceptive and misleading promotional material and failing to supervise. Cromwell Financial Services, Inc. and its president, Philip M. Tuccelli were ordered to jointly and severally pay the fine. Cromwell was also ordered to submit all promotional material to NFA for pre-review and pre-approval for a period of two years. In addition, Cromwell was ordered not to use or benefit from any radio or television advertisements unless it submits the advertisements to NFA's Promotional Material Review Team for review. Finally, Cromwell and Tuccelli were ordered to continue to retain the services of an independent consultant to monitor and tape record broker presentations until June 1, 2001. Cromwell and Tuccelli submitted a settlement offer in which they neither admitted nor denied the allegations against them.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.