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Your are right. Being part of the NFA is no guarantee. But it is a start in
the right direction.
Some code of ethics must exist.
Or how long can we have systems that rip the public off ?
How do you identify the snake oil sales rip artists?
Yelling fire in a crowded theatre is not covered by "freedom of speech."
Software vendors that make promises of wealth should register. And be
subject to an audit.
neal
-----Original Message-----
From: Charles Wright <redeemed10@xxxxxxxxx>
To: Omega-List <omega-list@xxxxxxxxxx>
Date: Saturday, July 11, 1998 9:19 AM
Subject: Re: Justice
>
>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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