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April 01, 2003
NFA fines Fort Lauderdale futures firm and three of its principals
April 1, Chicago - National Futures Association has levied a total of $500,000 in fines against Barkley Financial Corporation, an Introducing Broker located in Fort Lauderdale, Florida, and three of the firm's principals, Stuart Rubin, Steven D. Schwartz and Melvin P. Kanowitz. The Decision, handed down by an NFA Hearing Panel, also imposes sanctions involving participation in NFA's enhanced surveillance program, pre-review of any sales solicitation scripts and submission to NFA of all customer complaints received by Barkley. The fines and sanctions are part of a settlement offer submitted jointly by Barkley and Rubin and individually by Schwartz and Kanowitz.
The NFA Complaint alleged that Barkley and several of its Associated Persons made misleading and deceptive sales solicitations. NFA also alleged that Barkley, Rubin, Schwartz and Kanowitz failed to diligently supervise employees and agents in the conduct of their commodity futures activities.
The Hearing Panel also issued fines and sanctions against the following Associated Persons employed by Barkley: Alexander H. Brown, Bryan O. Tierney, Alberto J. Jimenez, Greg P. Allotta, Carole M. Fawcett, Donald C. Garwood, Gregory L. McCullough, Everton J. Buchanan, Kevin R. Moran, Philip M. Verde, Randall L. McCullough, Scott V. Vrabel, Sheila J. Wimberly and Charles Warren, III.
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.