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Hi
The recent actions by the CFTC need to
be closely checked. My view that like
our ASX it is attempting to unlawfully
extend it power base; at least you have
the First Amendment.
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> From: Walt Downs <knight@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: FUTR GEN: Curtis Arnold CFTC complaint
> Date: Saturday, November 22, 1997 4:47 PM
>
> WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced
> the filing on
> July 30, 1997, of a five-count administrative complaint against Curtis
> McNair Arnold of Jupiter,
> The CFTC complaint charges Arnold and LFI with violating the anti-fraud
(snip)
> Specifically, the complaint alleges that Arnold and LFI, among other
> things:
>
> misrepresented Arnold's personal trading results and the historic
> profitability of PPS; and
This would be a serious charge if true. Fraudulent results are a
definite no but are adequately covered by present State
and Federal laws.
> failed to disclose that certain trading results were based on
> hypothetical trades, rather than on actual
> trading results.
Frankly so far as I am concerned the trading public reads
these CFTC warnings like smokers read the Surgeon General's
warnings against smoking.
> Arnold and LFI are also charged with acting as unregistered commodity
> trading advisors, since at
> least 1992. Arnold is further charged in the complaint with acting as an
> unregistered commodity
> pool operator and as an unregistered associated person of a commodity
> pool operator.
Thus far this charge is CFTC's naked grab for extended jurisdiction by
treating newsletter writers etc as CTAs.
Bottom line - the one serious charge against Arnold is fraud and if
found guilty, I believe he should be sentenced according to the
criminal law rather than some piddley $100,000.00 fine.
regards
ray
R Barros
101/25 Market Street
Sydney NSW 2000
Australia
e-mail: ramon@xxxxxxxxx
tel: 61 2 92673470
fax: 61 2 92673478
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