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Hello Peter,
Ok let's (I think your wrong) assume they are not the same company.
The current company has partners - read what CFTC action was declared
against their partner below. Now what do you think?
http://www.tradersinternational.net/strategic_partners.asp
PA> I don't think that's the same operation....the one with the
PA> actions in the 1980's was a futures broker of similar name.
0289721 GLOBAL FUTURES EXCHANGE & TRADING CO INC
CEA 4b(a)(i) - CHEATING OR DEFRAUDING ANOTHER PERSON PROHIBITED
CEA 4b(a)(iii) - WILLFUL DECEPTION/ATTEMPT PROHIBITED
0298348 READ, ERON DEMIAN CEA 4b(a)(i) - CHEATING OR DEFRAUDING ANOTHER PERSON PROHIBITED
CEA 4b(a)(iii) - WILLFUL DECEPTION/ATTEMPT PROHIBITED
CEA 4o(1) - FRAUD BY CTA AND CPO
CFTC4.41(a) - ADVERTISING BY CPO/CTA
http://www.daytrade4less.com/home.html
BASIC Narrative
GLOBAL FUTURES EXCHANGE & TRADING CO INC
NFA ID 0289721
CFTC Case No. 00-14
You should note that the following narrative(s) may contain
information about other persons or firms who were charged in the same
case as the person or firm you are researching. Please read the
narrative(s) information carefully to determine if it pertains to the
person or firm you are researching.
CFTC News Release 4397-00 For Release May 1, 2000 CFTC FILES TEN
ACTIONS ALLEGING FRAUDULENT INTERNET PROMOTION OF COMMODITY TRADING
SYSTEMS AND ISSUES CONSUMER ADVISORY CFTC Issues Ten Orders Against
Fraudulent Internet Promoters; CFTC also Warns the Public to Be Wary
of Websites which Claim that Purchasers of Trading Systems and
Advisory Services Will Make Substantial Profits and Be Exposed to
Minimal Risk of Loss WASHINGTON -- The Commodity Futures Trading
Commission (CFTC) announced today that it has commenced a coordinated
enforcement initiative aimed at cleaning up websites that fraudulently
promote commodity trading systems and advisory services. Commodity
trading systems typically are computerized programs that signal
members of the public when to buy and sell futures and options
contracts based on technical analysis of market trends. As part of its
initiative, the CFTC is: -- instituting and simultaneously settling
ten administrative proceedings; and -- issuing a Consumer Advisory
warning the public about false and misleading claims on websites
touting the purported performance of trading systems and advisory
services. According to CFTC Chairman William J. Rainer: The Internet
provides many benefits to the investing public, but it can also
provide a means for some web operators to make misleading or
fraudulent claims about their investment strategies. Today's actions
by the CFTC should help remind consumers to be very skeptical when
someone promises amazing investment profits with little or no risk.
And these actions should also be a warning to the sellers of these
systems that the CFTC will vigorously pursue fraudulent advertising
and solicitation -- on the Internet and through traditional media.
Phyllis Cela, Acting Director of the CFTC's Division of Enforcement,
also commenting on the CFTC's enforcement initiative, said: In the
last couple of years, we have seen an increase in the number of
commodity trading systems fraudulently advertised on Internet
websites. Unscrupulous promoters have misrepresented that they have
earned enormous profits by trading according to the signals generated
by their trading systems. The CFTC’s investigations have revealed,
however, that the claimed results were false and often were based on
hypothetical or simulated trading, not actual trading in futures and
options markets. Through today’s enforcement actions and Consumer
Advisory, the CFTC reminds the public to investigate exaggerated
profit claims before committing personal savings to risky trading
ventures. The CFTC's enforcement initiative has been coordinated with
similar actions taken today by the Federal Trade Commission and the
Securities and Exchange Commission. CFTC Finds that Ten Internet
Promoters of Trading Systems and Advisory Services Engaged in Fraud In
the ten orders issued today, the CFTC found that promoters of
commodity trading systems and advisory services (collectively,
"respondents") made fraudulent performance claims on their Internet
websites. Many of the respondents falsely claimed that performance
results were based on real trading, when, in fact, the results were
based on hypothetical trading. Some respondents also falsely claimed
personal success in trading with their systems. One respondent claimed
significant profits based on hypothetical trading but never disclosed
that he had actually lost money trading with his system. In addition,
in one case, the CFTC found that the respondents -- the promoter of
the trading system and a registered introducing broker -- made false
claims concerning a rebate plan the introducing broker was offering
customers of the promoter. Respondents neither admitted nor denied the
findings entered by the CFTC. The following respondents and their
websites were the subjects of the CFTC orders: Firm or Individual
(click to view Order): Website Address: Oasis Publishing Corp. and
Gordon J. White http://www.pr-success.com/ http://www.risktaker.com/
Mohammed Najib Taybi http://www.yenman.com/ John B. Reily
http://www.bonds2000.com/ Paul B. Judd and Paul Judd International
Corp. Michael P. Calo d/b/a First Financial Trading
http://www.insiders-report.com/ Christopher F. Salter d/b/a
Christopher Fernwick www.learntoprofit.com/futures/index.htm RS of
Houston http://www.rsofhouston.com/ Eron Demian Read d/b/a New Age
Trading Techniques Global Futures Exchange & Trading Company
http://www.natt.net/ Trendy Systems, LLC; Allan P. Harris; Joseph
Prewitt http://www.trendysystems.com/ Ellery Coleman d/b/a Granite
Investments www.choicedaytrades.com The ten orders require the
promoters to cease and desist from violating the provisions of the
Commodity Exchange Act (CEA) and the CFTC's regulations which the
Commission found they violated; to undertake, among other things, to
make no unsubstantiated profit or risk claims; and to pay $10,000
civil monetary penalties, unless respondents have demonstrated to the
Commission that they do not have the financial ability to pay such a
penalty. Advisory Warns Members of the Public to Beware of Websites
Selling Commodity Trading Systems that Guarantee High Profits with
Minimal Risks The CFTC's Advisory, also issued today, warns the public
to be skeptical when promoters of commodity trading systems and
services claim that their systems and services earn high profits with
minimal risks. The Advisory further warns that some trading systems
trigger frequent trading signals, which result in substantial
commissions and fees that can have a substantial effect on
profitability. Consumers are reminded that no trading system can
guarantee profits and, whether or not a trading system is used,
trading commodity futures and options is typically a high-risk
endeavor. The Advisory points out that at times these websites falsely
claim that performance results are based on real trading, when, in
fact, the results are based on hypothetical trading. As the Advisory
emphasizes, hypothetical trading results do not reflect actual trading
results; instead, trading systems promoters typically pretend that
they traded futures contracts at market prices that occurred some time
in the past. The Advisory notes that hypothetical trading results do
not account for real market conditions that affect trading decisions
and may not take into account the financial ability of the trader to
handle trading losses. Hypothetical results also may not account for
the cost of purchasing and using the systems and trading including
commissions, and may be susceptible to rigging by promoters who select
historical trades that would have yielded the greatest returns. The
Advisory provides a checklist of questions to help consumers in
deciding whether to use a trading system, and reminds consumers: "If
it sounds to be good to be true, it probably is too good to be true."
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Best regards,
Mark mailto:markbrown@xxxxxxxxxxxxx
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