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Dear Neal
May I suggest that you step back a little and think of the ramifactions of
being subject to the sometimes whims of government regulatory agencies.
The NFA is on record through one of its ALJs that technical analysis
doesn't work and that any systems depending on TA are therefore fraudulent.
Can you think of any reason why another NFA judge might not determine that
charts are inside information and therefore anyone using a chart is
commiting fraud?
Sound ridiculous?
True story...
A number of years ago, one of the first "system players" was accused of
insider trading in the commodites markets for the explicit reason that he
made too much money by being correct on the market so often. That person
was the elder Gotthelf and the system was COMMODEX.!!!!
I am registered with the NFA because I have to be since I'm a broker.
However, why someone would want to be registered if they didn't have to is
beyond me.
According the the NFA, anyone providing trading advise must register. How
about if you advise your wife? Should you be registered?
Registering every system vendor would not improve their offerings. Just as
the SEC does not approve or dissaprove of any offering, neither does the
NFA.
23 years ago, we made a decision that full disclosure was the correct way
for the CFTC to go. I still believe that this is correct. However, when it
comes to systems, books, advice, etc, there is still some common sense
involved. Fraud is fraud and doesn't require NFA registration to prosecute.
Sometimes I think that membership in the NFA tends to give legitimacy to
the registrant where none is warranted.
Regards,
Manning Stoller
Neil Harrington wrote:
> | -----Original Message-----
> | From: Neal T. Weintraub [mailto:thevindicator@xxxxxxxxxxx]
> | Sent: Saturday, August 01, 1998 11:34 AM
> | To: Crystal, Jeff
> | Cc: omega-list@xxxxxxxxxx
> | Subject: Re: Wells Wilder
> |
> |
> | Make life easy. See if these guys and anyone else is
> | registered with the NFA
> | Call 1-800-621-3570
> | www.nfa.futures.org.
> | By the way, the NFA is made up of members from the exchanges
> | and brokerage
> | community.
> | They have code of ethics. When they fine someone it is the
> | members (brokers
> | commodity pool advisors CTA's) who approve of the action.
> | Do not think it is some out of control group.
> | When someone is not registered with the NFA ask them why?
> | They will have a
> | great reason I am sure. But really, can't they live up to a
> | simple code like
> | balanced advertising, and no claims of profits based on back
> | tested methods
> | using play money. I am speaking at Futures West, you can bet
> | that a good
> | portion or those speaking are members are NFA members. Those who are
> | not....well you can guess who they are.
> | When i asked why non NFA members were speaking I was told
> | they are a good
> | draw..
>
> Like Jake Bernstein? Is he still a member of the NFA after he was fined
> $200K?
>
> Neil
|