Release: #4119-98 (CFTC Docket No. 98-8)
For Release: March 11, 1998
CFTC INSTITUTES PROCEEDINGS AND MAKES FINDINGS AGAINST GARY S. ANTONACCI OF RICHMOND, CALIFORNIA CFTC Finds that Antonacci Acted as an Unregistered Commodity Trading Advisor, and Simultaneously Settles the Proceedings
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that it has entered an order instituting proceedings, making findings, and imposing remedial sanctions against Gary S. Antonacci of Richmond, California. Antonacci was registered with the CFTC as a commodity pool operator and commodity trading advisor from July 1982 to April 1990, when his registrations were revoked by the Commission.
Antonacci consented to the entry of the order without admitting or denying the findings in the order.
The order, which was filed on March 5, 1998, finds that Antonacci violated Section 4m(1) of the Commodity Exchange Act (CEA) by acting as an unregistered commodity trading advisor (CTA). The order finds that Antonacci held himself out generally to the public as a CTA within the meaning of the CEA by entering into a fee-sharing agreement with one of his existing clients, who was to be compensated for introducing new clients to Antonacci. Therefore, according to the order, Antonacci failed to qualify for an exemption from registration as CTA. The order finds that Antonacci procured one new client pursuant to the fee-sharing agreement.
The CFTC order:
requires Antonacci to cease and desist from violating the CEA, as charged;
prohibits Antonacci from trading on or subject to the rules of any contract market;
directs all contract markets to refuse Antonacci trading privileges; and
prohibits Antonacci from acting in any capacity as a commodity trading advisor or commodity pool operator or as an agent or officer of any person registered or required to be registered as a commodity trading advisor or commodity pool operator.