NFA Slams The Rulebook; Bans Two Men And Mich. Brokerage
Two men and a brokerage firm have been ousted from the futures trading business by the National Futures Association. The company, Atlantas Group Inc., of West Bloomfield, Mich., has been permanently barred. Its owner, principal, and associated person, Edmund K. Hysni, has been barred for seven years and a second man, Steven H. Joseff, was barred for five years. The NFA said Atlantas and Hysni engaged in abusive trading practices by allowing Joseff, who was not registered, to act as an associated person of the firm. In its case summary, the NFA - a non-governmental industry regulator - accused the three of various infractions, including violating registration rules, fraud, giving false information to NFA agents, and failing to follow high standards of commercial honor. The NFA accepted settlement offers made by Joseff and Hysni, and both men entered the settlements without admitting or denying any allegations. If Hysni ever applies for NFA membership again or seeks to become associated with an NFA member after his seven years expires, he will have to pay a $100,000 fine. Should Joseff seek to re-enter the business after his five-year ban expires, he must pay a fine of $50,000, the NFA added..