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August 15, 2000
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Laura M. Oatney
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NFA fines Florida IB and one of its associated persons/bars a New Jersey AP
August 15, Chicago - National Futures Association fined a Florida introducing broker and one of its associated persons (APs) $300,000. American Financial Trading Corporation and Sammy J. Goldman allegedly deceived and misled customers during sales solicitations and in the firm's promotional material. NFA ordered AFTC to tape record its conversations with customers and submit its promotional material to NFA for two years. Another AP of AFTC, William Gordon, was barred from applying for NFA membership or as an NFA Associate for a period of 18 months for allegedly failing to diligently supervise employees in their futures activities. AFTC is located in Fort Lauderdale. In their settlement offer, AFTC, Goldman and Gordon neither admitted nor denied the allegations in the Compliant.
In another Decision, NFA barred an AP of Fidelity Mercantile Corp. for two years. NFA alleged that Jason Mangano lied to customers about potential profits during sales solicitations. Fidelity Mercantile is a guaranteed introducing broker NFA Member located in Holmdel, New Jersey. Mangano submitted a settlement offer where he neither admitted nor denied the allegations against him.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.