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petitioner's advertisements appearing in the Atlanta
Journal and in the October 1987 and November 1987 editions
of Future Magazine. The report also discussed petitioner's
tape recorded message to potential customers and his
promotional material in general.
The NFA audit report found 30 alleged violations
of CFTC regulations and NFA rules. Many of the
deficiencies in petitioner's promotional materials and
practices involved alleged violations of NFA rule 2-29, a
rule designed to assure that potential investors in
commodity futures receive accurate and verifiable
information. The NFA had the authority to revoke
petitioner's CTA license for violation of rule 2-29. In
that event, petitioner could not legally continue to sell
his manuscript to others. The NFA audit report did not
require petitioner to trade commodity futures to document
claims in his promotional material or to maintain his
status as a CTA.
Petitioner began trading commodity futures in 1988.
He traded through seven different accounts during the years
in issue. The record does not state the number of trades
that petitioner made in each year or the specific
commodities he traded. The record also does not detail the
profit or loss history of petitioner's various brokerage
accounts. Petitioner sustained losses of $101,938.26 and
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