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August 11, 2010
NFA reaches settlement agreement with California futures firm Opportunities in Options, its principal and three of its Associated Persons
August 11, Chicago - National Futures Association (NFA) has reached a settlement agreement with Opportunities in Options (OIO), an introducing broker in Oxnard, California, in which the firm agrees to withdraw its NFA membership for five years, effective September 30, 2010. In addition, OIO and Thomas H. Frankel, one of the firm's principals, have agreed jointly to pay a $50,000 fine.
The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed on June 30, 2010 and settlement offers submitted by OIO and Frankel, as well as Juan Coronel Martinez Miller, Dewitt Dudley and Jesse D. Seidel (three associated persons of OIO).
The Complaint alleged that OIO, Miller, Seidel and Dudley made deceptive and misleading sales solicitations. The Complaint also alleged that OIO and Frankel failed to uphold high standards of commercial honor and just and equitable principles of trade. In addition, the Complaint charged OIO, Frankel and Miller with failing to diligently supervise the firm's employees and agents in the conduct of their commodity futures activities.
As part of the settlement agreement, Miller agreed to withdraw his associate membership for two years and refrain from being an NFA Member, a principal of an NFA Member or acting in a supervisory capacity for any NFA Member for five years. Seidel agreed to withdraw from membership for two years. Dudley agreed to withdraw from membership for five years and to pay a fine of $25,000 should he re-apply for NFA membership in any capacity following that period.
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