Reidsville, NC – October 27, 2014 – Neal E. Hall, of Reidsville, North Carolina, has been permanently banned from trading and registration in commodity markets and ordered to pay a $210,000 civil penalty for registration violations and misleading disclosures, the Commodity Futures Trading Commission (CFTC) announced today.
The order, entered by U.S. District Court Judge James A. Beaty, Jr. on October 6, 2014, stems from a civil enforcement action initially filed by the CFTC on May 31, 2011. The complaint alleged that, between June 2010 and June 2011, Hall operated as an unregistered Commodity Trading Advisor (CTA), offering trading services for a fee – either a flat rate or a percentage of profits.
According to the CFTC, Hall used his website to solicit clients for his e-mini S&P 500 futures trading program and to manage their trading accounts. By failing to register with the CFTC as a CTA, Hall violated the Commodity Exchange Act.
The court also found Hall in violation of CFTC Regulations 4.41(a)(3) and (b), which require specific cautionary statements when using client testimonials and presenting simulated trading results. Hall’s website featured client testimonials without the required disclaimers and did not prominently display the necessary language alongside hypothetical trading results, as mandated by the regulations.
The CFTC acknowledged the assistance provided by the North Carolina Securities Division and the Office of the U.S. Attorney for the Middle District of North Carolina in this case. The case was led by CFTC staff members Timothy J. Mulreany, Michael Amakor, and Paul Hayeck.
Source: CFTC.gov
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