January 21, Chicago - National Futures Association (NFA) has permanently barred Oxford Trading Group, Inc. (Oxford Trading Group) from NFA membership. Oxford Trading Group is an Introducing Broker located in Delray Beach Florida. Francis R. Zofay, principal and associated person (AP) of Oxford Trading Group, and Seth Goldberger, also an AP, were also sanctioned by NFA. The Decision, issued by two NFA Hearing Panels, is based upon two NFA Complaints filed in August 2010 and settlement offers submitted by Oxford Trading Group, Zofay and Goldberger. In addition to the Oxford Trading Group Complaint, Zofay and Goldberger were named in a Complaint against Vista Trading Advisors, Inc. et. al (Vista Trading Group).
The Complaints alleged that Oxford Trading Group, Zofay and Goldberger recommended trades to customers that maximized commissions without regard for the best interests of their customers. The Complaints also alleged that Zofay made deceptive and misleading sales presentations to customers at Vista Trading Group and that Goldberger did so at both firms. Additionally, a Complaint alleged that Oxford Trading Group and Zofay failed to diligently supervise their firm's business.
Zofay is barred from NFA membership for a period of four years and must pay a fine of $15,000 in the event he reapplies for membership. Goldberger is barred from NFA membership for a period of two years and must also pay a fine of $20,000 in the event he reapplies for membership. Zofay and Goldberger are subject to audio recording requirements.
The Decision is issued and relevant to Oxford Trading Group, Zofay and Goldberger only and not to any other respondents named in the Complaints.
The complete text of the Complaints (Oxford Trading Group, Inc. et. al and Vista Trading Advisors, Inc. et. al) and Decision can be found on NFA's website (www.nfa.futures.org).
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