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none of my biz, but I don't think the label "CTA" ensures ethics,
integrity, or ability. It's a protection racket like most trade
unions, if I may be so crude.
fwiw. CW.
---CIR <ResearchDepartment@xxxxxxxxxxxxxx> wrote:
>
> Jim Cox wrote:
>
> > NEW YORK COURT FINDS THAT AVCO FINANCIAL CORP. AND ANTHONY VARTULI
> > DEFRAUDED OVER 1,000 CUSTOMERS IN CONNECTION WITH THE SALE OF
FUTURES
> > TRADING COMPUTER SOFTWARE, AND DIRECTS THEM TO DISGORGE $4.1 MILLION
>
> Jim, this is great news. I hope the NFA and the CFTC gets all these
non CTA system sellers in court.
> I wish though the NFA would re label the non-NFA member CTA's so
people wouldn't get confused
> between the two. As many people don't know there is a Member CTA and
a non-member CTA. The
> non-member CTA's can still scam the public (like the one who was on
the list mad at andy) and get
> away with it. Because they are not under the authoratative arm of
the NFA. This is because they are
> not members. The NFA is very strict on NFA member CTA's and that's
ok. Wish they could force even
> companies like Omega to become CTA's, then they would be more
cautious about their advertising.
> Which depicts how easy it is to buy their software and use a canned
trading system (with the
> properly set trailing stops of course) and make a bundle. If it were
truly known how much money that
> Omega has cost the general public, by the misleading get rich quick
ads they have run for years.
> Then they would be paying claims also!
>
> P.S. Weren't you Jim the same guy who was recently marketing a
system called Bulls Eye? Didn't you
> have a motto like It moves the market or something like that?
>
> > WASHINGTON - The Commodity Futures Trading Commission (CFTC)
announced
> > today that the Honorable John F. Keenan of the U.S. District Court
for
> > the Southern District of New York, after a two-week bench trial
earlier
> > this year, issued a decision on June 30, 1998, against AVCO
Financial
> > Corp. (AVCO) and its president Anthony Vartuli, both of Greenwich,
> > Connecticut.
> >
> > In its decision, the court found AVCO and Vartuli liable for
> > fraudulently promoting their futures trading software and directed
them
> > to disgorge $4.1 million in ill-gotten gains. The judge also found
that
> > AVCO and Vartuli gave commodity trading advice through their
software
> > and thus were required to be registered with the CFTC as commodity
> > trading advisors.
> >
> > Judge Keenan dismissed the charges brought against a third
defendant, J.
> > Michael Gent, of Tunnel Hill, Georgia, the developer of the trading
> > program, finding insufficient evidence of his control of AVCO and
of his
> > participation directly in the fraudulent conduct.
> >
> > The court found that AVCO and Vartuli violated the Commodity
Exchange
> > Act (CEA) and the CFTC's regulations by fraudulently soliciting
> > customers to purchase their software program through false
> > representations that the program had generated large profits,
> > overwhelmingly picked winning trades, involved little or no risk of
> > loss, and had a profitable track record in actual commodity futures
> > trading. Judge Keenan found that these false representations were
made
> > "in connection with" futures trading within the meaning of the CEA
and
> > that customers relied on these misrepresentations in purchasing the
> > defendants' program, resulting in $4.1 million in sales revenue
for the
> > defendants. The court also found that AVCO met the statutory
definition
> > of a "commodity trading advisor" and provided personalized trading
> > advice.
> >
> > The court indicated that it would permanently enjoin AVCO and
Vartuli
> > from future violations of the CEA and Commission regulations,
directed
> > AVCO and Vartuli to disgorge $4.1 million dollars in ill-gotten
customer
> > fees, and imposed a civil monetary penalty of $5,000 on both AVCO
and
> > Vartuli.
> >
> > CFTC Director of Enforcement Geoffrey Aronow commented:
> >
> > "This court's carefully-reasoned decision reaffirms the Commission's
> > statutory mandate to pursue those who provide fraudulent commodities
> > trading advice for profit, whatever the media they choose to use to
> > transmit their misinformation. Whether people get their advice
> > face-to-face, by telephone, by fax, or by computer, they must
always be
> > on guard against promises that seem too good to be true."
> >
> > Hehe.
>
>
>
> --
> TC
>
>
>
==
Separation of church and state occurs when the government stops playing God.
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