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September 19, 2000
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Laura M. Oatney
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NFA orders New Jersey introducing broker and one of its APs to withdraw from membership
September 19, Chicago - NFA ordered a Holmdel, New Jersey introducing broker and one of its associated persons (AP) to withdraw from NFA membership for allegedly using a sales training outline that encouraged APs to use high-pressure sales techniques and then lying about it to NFA. The AP also allegedly failed to cooperate with NFA in an audit by not producing all customer complaints. Fidelity Mercantile Corp. was ordered to permanently withdraw from NFA membership and Dean K. Piper was ordered to withdraw from NFA membership and Associate membership for a period of three years. Piper is also subject to restrictions on his registration should he become registered again. Fidelity and Piper submitted settlement offers to NFA neither admitting nor denying the allegations in the Complaint.
NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.