Re: CFTC Strikes!

[dave-mc@xxxxxxxxxxxxxx]

Glen,

For my own edification and protection:

1) Who is the CFTC?

2) If I ever learned enough about trading to be consistently profitable,
   could I invest money for others (i.e. friends) if I

a) did not charge for my advice or services
b) stated that I was not a financial planner of any kind
c) had a disclaimer that I did not promise any results of any kind.

I think I would be safe to do this, but just wanted to sanity-check it.

Thanks,
Dave

----- Original Message -----
From: Glen Wallace <gcwallace@xxxxxxxx>
To: MetaStock listserver <metastock@xxxxxxxxxxxxxxxxxx>
Sent: Tuesday, May 11, 1999 1:57 PM
Subject: Fw: CFTC Strikes!


> This is from the Omega Listserver, with names and addresses removed.
>
> Be careful, people.
> ___________________________________________________________
>
>
> ----- Original Message -----
> From: RL
> To:     Omega List
> Sent:  May 11, 1999 11:44
> Subject: CFTC Strikes!
>
> I just got a Certified Letter from a Trial Attorney at CFTC.
>
> They ask for all documents published, maintained, issued, written and/or
> distributed by E (my company) concerning "I" (my system);
>
> A list of all present anf former subscribers, customers and/or clients
> for "I" including addresses and telephone numbers;
>
> Copies of all promotional brochures, advertisements and/or other
> descriptive literature concerning "I";
>
> Copies of all correspondence received from or sent to present or
> former subscribers of "I".
>
> Now the laughable part is that I have never had ANYONE at ANY TIME
> pay me ANYTHING for the results of a system-in-testing!  The frightening
> part is that someone at CFTC is either mining the Web  (unlikely, as
> I can't find my Web page with HotBot or Lycos) OR they are monitoring
> this e-mail list.
>
> In that I never charged and only used  the Web page to present the
> results of a scientific test of the system  --- AND given that my
> attorney is the former State Attorney General and he advised me I
> was OK if I didn't charge and didn't hold myself out to be an advisor
> (I ALWAYS stated I didn't know how to trade ...) ---  I hope to
> clear this up with a letter.
>
> I will keep the list informed.   I called the CFTC Trial Attorney and
> got voice mail.  They may even return the call.
>
> Cheers,
> RL
>
>
> ----- Original Message -----
> From: MS
> To:     Omega List
> Sent:  May 11, 1999 12:38
> Subject: Re: CFTC Strikes!
>
>
>  RL,
>
> In my opinion, The CFTC is going to try to charge you with failing to
> register as a CTA. I sincerely hope that you can clear this up with a
letter
>  but doubt it.
>
> Once anyone is registered, the CFTC has a legal right to demand subscriber
> lists, financial records and anything else even remotely related.
>
> Again, in my opinion this is OK if the CTA is managing money, has power of
> attorney or gives individual advice.
>
> If you have only used this or another list to talk about your program,
then
> you haven't given individual advice. However, if you have communicated
with
> an individual and given any advice or opinion to an individual, BINGO.
>
> Good luck RL,
>
> MS
>
>