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| Case Study: Benjamin Kerpe vs. National Futures Association 6/04/2008
I’d like to tip my hat to Benjamin Kerpe for his professionalism and his courageous efforts to defend our industry. I am shocked to hear the CFTC threw out your appeal and yet you still continue to help others in these matters. Thank you for all your help Ben. I am confident you will achieve only the best in life.
12/07/2007 Shocking Truths about the NFA:
Did you know that when audited by the NFA they call clients who have lost money and conduct an interview which can lead to a complaint? In my situation this questionable interview occurred 3 years after the “alleged” misrepresentations. Furthermore, I no longer worked for the company where the audit was conducted.
Did you know that when defending your position before the Business Conduct Committee, they can base their ruling on testimony alone? In other words, the Panel can make a judgment of character based on one man’s testimony vs. another man’s. In my situation, the accusations against me were not supported by evidence, only one man’s testimony. The verdict was that I am guilty of making misleading and deceitful sales solicitations. I have been named as a cheat, fraud, and deceiver publicly without any record of doing so.
9/05/2007 To whom it may concern,
My name is Benjamin Kerpe and I am a member of the NIBA and the NFA. As so many others, I have been sanctioned by the NFA and have been building a strong case against the Association who has severely defamed my character, reputation, business practices, etc... These labels are only supported by who is “more believable” rather than any conclusive material evidence. I am currently in the Appeals process and will look for support against the NFA for their reckless negligence and malicious behavior. This is not solely intended to benefit my position but, more importantly, help other legitimate brokers and IBs who are faced with the same destructive actions.
By August 30th, 2006 I was named publicly under these labels: Cheat/Fraud Deceive Customers and Fraudulent Communication to public. These labels were in place before my testimony to defend my position and these characterizations are still posted on the public area of the NFA website. To date, I strongly deny these claims yet the Panel appointed by the NFA felt otherwise.
Guilty before proven innocent is the typical methodology of the NFA. This reckless labeling and civil rights violation by the NFA demonstrates their opinion that they are above the law.
Prejudice has also been a theme to which the NFA has demonstrated. We must not accept a regulation that taints a broker based on what a company or its principles have done without an individual and independent review of our own character. Each broker should be responsible for their individual actions whether positive or negative.
The NFA has also used very questionable methods in their audits, which they refer to as an investigation. NFA will contact clients who understand the risks and would not have normally filed a complaint. They can, and have, successfully coerced clients to file a complaints; in my case, three years after the alleged communications.
The intent of this action is to force a reshaping of the NFA’s approach to regulation and create a unified brokers association which has a strong voice and input regarding the rules and regulations we operate under.
I am looking for support against the NFA in order to set precedent, acquire punitive damages for their reckless business practices, and create stability between IBs/Brokers/Regulators --- all for the best interest of the client and for the true development and improvement of the industry instead of its destruction.
No longer should we as brokers conduct business independently as the NFA destroys honest firms through questionable and possibly illegal tactics. If we would finally unify our efforts we would have the ability to build and maintain a legitimate and honorable industry meant to advance the protection of the client while at the same time attempting to improve our brokers rather than to attack and destroy them.
I am aware that this is a highly sensitive subject for those that are current members of the National Futures Association as it is quite political. My objective is to find those who have as much, if not more, courage than I.
Too many good brokers and IBs are going out of business and their clients are left with no other option but to work with someone else with whom they are uncomfortable. My clients support my position 100% and are fully aware of the NFA sanctions against me but cannot afford to work with me since, because of the NFA’s false attacks and generalizations, I will not be licensed much longer.
I will also be taking a proactive role in sending this letter to all other IBs, Senators and Representatives seeking their support in these matters. I expect positive results as many IBs face the same issues as me.
I look to work with those who sympathize with the position of the hard working/dedicated Brokers and the Clients who are affected. If you know anyone who has faced similar actions please pass this letter on so they may communicate their concerns.
Any direction or insight will be appreciated. I welcome all responses as I will create a centralized forum for all complaints and concerns pertaining to the NFA. Feel free to contact me directly. Please remember that even if you are not affected at this time, you are aware of the negative actions of the NFA, and you could be next…. Please act!
Contact Information:
Benjamin Kerpe Email: bkerpe@hotmail.com
Best regards,
Benjamin Kerpe
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