Man Financial Dodges the NFA and Avoids Disciplinary Status!
Firms Disciplined For Sales Practice Violations:
List of Member Firms that have been sanctioned in the preceding five years in any way short of a permanent bar from the industry due to the resolution of formal charges of the use of deceptive telemarketing practices or promotional material. Firms that have been so sanctioned within the preceding five years are deemed to be Disciplined Firms for purposes of determining whether individuals who were sponsored by such firms are currently counted as having worked at a Disciplined Firm.
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On February 20, 2007, MFI also settled a CFTC administrative proceeding (In the Mater of Steven M. Camp and Man Financial Inc., CFTC Docket No. 07-04) in which MFI was alleged to have failed to supervise one of its former associated persons (AP) who was charged with fraudulently soliciting customers to open accounts at MFI. The CFTC alleged that the former AP misrepresented the profitability of a web-based trading system and of a purported trading system to be traded by a commodity trading advisor. Without admitting or denying the allegation, MFI agreed to pay restitution to customers amounting to $196,900.44 and a civil monetary penalty of $120,000.
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Isn’t it interesting that Man Financial Inc. dodges the list of disciplined firms after violating the same rules that have destroyed a majority of IBs? Too bad Refco and American National weren't allowed the get out of jail free card.