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Pastor Micheal Calo
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The Commodity Futures Trading Commission ("Commission") has reason to consider that Michael P. Calo d/b/a First Financial Trading ("Calo") has violated Sections 4b(a)(i) and (iii) and 4o(1)(A) and (B) of your Commodity Exchange Act, as amended (the "Act"), 7 U.S.C. §§ 6b(a)(i) and (iii), 6o(1)(A) and (B), and Sections 4.41(a) and (b) from the regulations promulgated beneath the Act (hereafter the "Regulations"), 17 C.F.R. §§ 4.41(a) and (b). Therefore, the Commission deems it appropriate plus the public interest that public administrative proceedings be, and they hereby are, instituted to discover whether Calo involved in the violations set forth herein in order to see whether any order needs to be issued imposing remedial sanctions.
Till the institution these administrative proceedings, Calo has submitted a proposal of Settlement ("Offer"), how the Commission has going to accept. Without admitting or denying the findings herein, Calo acknowledges service in this Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) on the Act and Findings and Order Making Findings And Imposing Sanctions ("Order"). Calo consents for the utilization of the findings in this Order within this proceeding plus in almost every other proceeding stemmed from the Commission in order to that your Commission is usually a party.1
The Commission finds the subsequent:
From early 1996 through December 1999, Calo published two daily newsletters, INSIDERS REPORT and INSIDERS S&P REPORT, each of which experienced a subscription expense of approximately $1,000 annually or $200 a month. Within these newsletters, Calo provided futures trading recommendations as well as purported results of his prior futures trading recommendations to subscribers and potential subscribers. Calo's futures trading translates into his newsletters were based upon hypothetical trading, however the newsletters did not disclose this. Moreover, the hypothetical outcome was relying on Calo's after-the-fact array of the entry and exit points on which he decide to base his published results. Calo defrauded his clients and potential customers by failing to disclose the hypothetical nature and the after the fact array of prices.
Calo's website, http://www.theday.com/article/20110206/NWS01/302069932 , provided general information regarding Calo, the newsletters, and summary eating habits study Calo's futures trading strategies for 1998. Calo also committed fraud by unable to disclose in their website precisely the same information he didn't disclose in her newsletters.
Michael Calo d/b/a First Financial Trading maintained offices at 49 Field Street, Bristol, Connecticut 06010-6132, the spot that the newsletters INSIDERS REPORT and INSIDERS S&P REPORT were published. Previous to operating First Financial Trading, Calo provided mortgage and investment recommendations to housing projects and project-related boat finance companies. Calo was registered while using Commission to be a CTA between July 1997 and November 1998; his registration was terminated whilst did not pay his annual registration fee.
In January 1996, Calo began publishing his two newsletters, INSIDERS REPORT and INSIDERS S&P REPORT. These newsletters provided futures trading recommendations together with the purported eating habits study his prior futures trading recommendations. Calo's website, provided general details about Calo, the newsletters and summary connection between Calo's futures trading recommendations for 1998.
Calo promoted the INSIDERS REPORT and INSIDERS S&P REPORT newsletters and solicited subscriptions through Calo's website, postings online newsgroups and classified advertisements in Futures Magazine. Subscriptions to newsletters cost approximately $1,000 every year or $200 every month. Calo offers potential subscribers which has a free trial version subscription ranging in total from 2 weeks to your month. Calo sent out around 3-5 newsletters as risk free issues daily.
In the solicitations for customers in the INSIDERS REPORT and INSIDERS S&P REPORT newsletters, Calo stated the fact that newsletter was "designed for any average futures trader trying to find daily recommendations" and this to join was "like getting the very own trading advisor." Calo further advertised that INSIDERS REPORT and INSIDERS S&P REPORT "is probably the most successful and profitable day and short-term trading system you can find."
The INSIDERS REPORT and INSIDERS S&P REPORT were delivered by Calo daily, via e-mail and facsimile, either following the trading session with recommended futures trades for the day, or in the beginning the morning with that day's futures trading recommendations. Although Calo published these newsletters daily, there was days when there have been no new trade recommendations.2 BUY and SELL signals inside the newsletters usually stated the complete expense of the buy, sell or market entry orders. In numerous of the trades, Calo recommended a protective stop be gone to live in the feeder point.
Internet Newsgroup Postings
In postings on various Internet newsgroups, INSIDERS REPORT and INSIDERS S&P REPORT made extravagant profitability claims. One example is, Calo claimed inside of a December 17, 1998 posting inside the Dejanews alt.invest.technical-analysis newsgroup that "[f]rom January through November 1998, the INSIDERS REPORT is up over 344% in profit . . . . While in the same period, our INSIDERS S&P REPORT gained an impressive 373% profit. . . . For 1996 and 1997 INSIDERS [REPORT] & INSIDERS S&P [REPORT] were both up over 300%. A posting which had been repeated on various newsgroups, together with a January 6, 1999 posting on Dejanews misc.invest.futures, offered "308% return on your investment . . . without any Sleepless Nights.
For more information about Michael Calo please visit the website.
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