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September 25, 2012
NFA permanently bars West Bloomfield, Michigan futures firm, Atlantas Group Inc.; bars Edmund K. Hysni, the firm's owner and principal, and associated person Steven H. Joseff
September 25, Chicago - National Futures Association (NFA) has permanently barred Atlantas Group Inc. (Atlantas), an independent introducing broker located in West Bloomfield, Michigan. NFA also barred Atlantas' owner, president, sole associated person (AP) and listed principal, Edmund K. Hysni, for seven years; and Steven H. Joseff, who worked for Atlantas in the capacity of an AP, for five years.
The Decisions, issued on September 21 by NFA's Business Conduct Committee (BCC), are based on an NFA Complaint filed in June 2012 and settlement offers submitted by Atlantas, Hysni and Joseff. Atlantas, Hysni and Joseff entered into their respective settlements without admitting or denying the allegations presented in the Complaint.
The BCC found that Atlantas and Hysni engaged in abusive trading practices by permitting Joseff-who was not registered as an AP of Atlantas-to act as an AP of the firm. Atlantas and Hysni also purportedly concealed payments to Joseff, and instructed a customer to falsify account information.
The BCC also found that Atlantas and Hysni willfully provided misleading information to NFA concerning payments made to Joseff, made misleading sales solicitations, exercised discretion over customer accounts without obtaining written authority to exercise such discretion, and failed to supervise the firm's operations and its agent in the conduct of the firm's commodity futures business. In addition, the BCC found that Atlantas allowed Joseff to act as an AP of Atlantas without being properly registered as an AP of the firm.
As part of the Decision, if Hysni applies for NFA membership, reapplies for NFA associate membership or seeks to again become a principal of an NFA Member after the seven-year bar expires, he will be required to pay a $100,000 fine.
The BCC separately found that Joseff solicited customers for Atlantas from at least January 2009 to June 2011, and accepting payments from Atlantas for those solicitations when he was not a registered AP of Atlantas.
As part of the Decision, if Joseff applies for NFA membership, reapplies for NFA associate membership or seeks to become a principal of an NFA Member after the five-year bar expires, he will be required to pay a $50,000 fine.