UNITED STATES OF AMERICA
COMMODITY FUTURES TRADING COMMISSION
MBH COMMODITY ADVISORS, INC.,
and JACOB BERNSTEIN
|CFTC Docket No. CRAA 99-3|
|NATIONAL FUTURES ASSOCIATION||ORDER OF SUMMARY AFFIRMANCE|
Our review of the record and the parties' appellate submissions establishes that the findings and conclusions of the National Futures Association ("NFA") are supported by the weight of the evidence; we therefore adopt them. We further conclude that NFA committed no error material to the outcome of this proceeding and that the parties generally have not raised important questions of law or policy that merit extended discussion. Accordingly, we affirm NFA's decision without opinion.1
IT IS SO ORDERED.
By the Commission (Chairman RAINER, and
Commissioners HOLUM, SPEARS, NEWSOME, and ERICKSON).
Catherine D. Dixon
Assistant Secretary of the Commission
Commodity Futures Trading Commission
Dated: March 31, 2000
1 On appeal, appellants contend that the Hearing Committee of the National Futures Association ("NFA") improperly relied on evidence outside the record in determining the amount of the civil money penalty. We agree that information submitted in the context of settlement negotiations should not have been considered. Nevertheless, on appeal, NFA's Appeals Committee concluded that even if there was no evidence of financial gain to appellants, a $200,000 civil money penalty would be justified based upon the gravity of appellant's wrongdoing. Appeals Committee Decision at 9. As a result, any error that the Hearing Committee committed by considering evidence outside the record was harmless.