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For Immediate Release
October 05, 2000

For more information contact:
Laura M. Oatney
(312) 781-1370 or
Jennifer Bucko
(312) 781-1373
http://www.nfa.futures.org

NFA bars James Stephens and his CTA firm, Trendsystems, Inc., in a Member Responsibility Action

October 5, Chicago - National Futures Association suspended James Edward Stephens and Trendsystems, Inc. from NFA membership until further notice in a Member Responsibility Action taken on October 4, 2000. NFA alleged that Stephens defrauded customers by misappropriating their funds and lying about their trading results. The MRA also prohibits Stephens and Trendsystems from placing trades or disbursing funds without prior approval from NFA.

Stephens is an associated person of Refco, Inc., a futures commission merchant Member of NFA. Stephens is also a principal and associated person of his CTA firm, Trendsystems, located in Americus, Georgia.

The MRA becomes effective immediately and will remain in effect until Stephens and Trendsystems have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA Requirements. NFA Members receiving notice of this MRA who carry accounts or hold funds in accounts in Stephens's and/or Trendsystems's names or which are controlled by them are prohibited from disbursing funds to them or any entity controlled by them without prior approval of NFA.

NFA is a congressionally authorized self-regulatory organization for the U.S. futures industry.

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