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For Immediate Release
November 20, 2000

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

NFA bars/fines FSG International and two of its principals

November 20, Chicago -NFA accepted a settlement offer in which a Florida introducing broker (IB) and two of its principals agreed to pay a fine of $500,000. FSG International, Inc., located in Lauderhill, also agreed to permanently withdraw from NFA membership. Carlos M. Mormeneo and Harold E. Seigel also agreed that for a period of two years they would cause any Member firms of which either is a principal or has an ownership interest in, as well as any guaranteed IBs, to tape-record all conversations between APs and customers and submit all promotional materials to NFA before use.

The Complaint alleged that FSG, through acts of its APs, made deceptive and misleading representations to customers during sales solicitations and that two APs suggested that a customer lie about personal financial information. The Complaint also alleged that FSG used deceptive, misleading and unbalanced promotional material and failed to submit its promotional material to NFA prior to first use. Lastly, the Complaint alleged that FSG, Mormeneo and Seigel failed to diligently supervise employees' conduct in their commodity futures activities and that they failed to uphold high standards of commercial honor and just and equitable principles of trade. FSG, Mormeneo and Seigel neither admitted nor denied the allegations in the Complaint but consented to findings that they had committed the violations in the Complaint.

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

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