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September 6, 2000
For more information contact:
Laura M. Oatney
(312) 781-1370 or
NFA bars/fines former APs of American Financial Trading Corp.
September 6, Chicago - NFA barred two former associated persons of American Financial Trading Corp. for engaging in misleading sales solicitations. Frank A. DeSantis and Leonard C. Warren were found to have downplayed the speculative nature of options, exaggerated the profit potential of options trading and suggested that options trading through AFTC was an easy way for customers to make fast and dramatic profits with little risk. DeSantis was barred from NFA membership, Associate membership and from acting as a principal of an NFA Member for a period of two years. He was also ordered to pay a fine of $40,000. Warren was barred from NFA membership, Associate membership and from acting as a principal of an NFA Member for a period of six months. Both men are also subject to restricted registrations should they become NFA Members or Associate Members again. AFTC is an introducing broker located in Fort Lauderdale, Florida.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.