CFTC Moves Against Two On Internet Trading Advice
May 18, 2011
WASHINGTON -- The Commodity Futures Trading Commission said it has taken its first enforcement action to halt violations of the federal commodity-trading law on the Internet. Under the CFTC action, Stormy Jayme English, of Ocala, Fla., and J. Staci Dean, of Fort Worth, Texas, agreed to stop providing investment advice over the Internet until they register with the CFTC as commodity trading advisers. A commodity trading adviser provides advice on how to invest in financial and agricultural futures markets. According to the CFTC, Mr. English had posted messages on financial-related bulletin boards on the Internet geared toward individual investors between May and June 2011. He also offered one-week trial memberships and paid subscriptions to MarketPulse Online, an electronic newsletter service containing market updates and trading recommendations, the CFTC said. The CFTC has directed Mr. English to refund all money received from newsletter subscribers. The CFTC said Mr. Dean launched a venture called ProTrade in late July, in which he sought to manage commodity-futures trading accounts through an Internet home page.
