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Posted by on July 25, 2006, 9:04 am
COMPLAINT:
ON OCTOBER 7, 1987, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE
ISSUED A COMPLAINT AGAINST MICHAEL E. CHALEK ("CHALEK"). THE COMPLAINT
ALLEGES THAT CHALEK USED DECEPTIVE AND MISLEADING PROMOTIONAL MATERIAL
IN VIOLATION OF NFA COMPLIANCE RULE 2-29(B)(2); USED PROMOTIONAL
MATERIAL WHICH FAILED TO MENTION THE RISK OF LOSS IN VIOLATION OF NFA
COMPLIANCE RULE 2-29(B)(3); USED PROMOTIONAL MATERIAL WHICH FAILED TO
MENTION THAT PAST PROFITS ARE NOT INDICATIVE OF FUTURE RESULTS IN
VIOLATION OF NFA COMPLIANCE RULE 2-29(B)(5); USED PROMOTIONAL MATERIAL
WHICH CONTAINED MISSTATEMENTS OF FACT IN VIOLATION OF NFA COMPLIANCE
RULE 2-2(A) AND 2-29(B)(2); AND FAILED TO SUPERVISE HIS EMPLOYEES IN
THE CONDUCT OF THEIR COMMODITY FUTURES ACTIVITIES IN VIOLATION OF NFA
COMPLIANCE RULE 2-9.
DECISION:
ON NOVEMBER 23, 1987, THE CENTRAL COMMITTEE ACCEPTED CHALEK'S OFFER OF
SETTLEMENT AND AUTHORIZED THE ISSUANCE OF A DECISION. THE DECISION
DIRECTED CHALEK TO CEASE AND DESIST FROM FURTHER VIOLATIONS OF NFA
REQUIREMENTS AND TO PAY A FINE OF $10,000.
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