Broker: Archer Daniels Midland Co - ADM Investor Services
ADM INVESTOR SERVICES INC
NFA ID: 0000360
Doing Business As
• DEKALB COMMODITIES A BRANCH OFFICE OF ADM INVESTOR SERVICES INC
Here is some information on 4 of the 7 cases against them:
Case 1
Claim $328,820.38
Award $27,237.00
Case 2
Claim $29,044.40
Award $12,254.00
UNAUTHORIZED TRADING, MISREPRESENTATION, AND FRAUD
Case 3
Claim $47,366.05
Award $63,395.00
COMMODITY FRAUD, BREACH OF FIDUCIARY DUTY, FAILURE TO DILIGENTLY SUPERVISE, WAIVER, ESTOPPEL, RATIFICATION, STATUTE OF LIMITATIONS, CAUSE OF CLAIMANT'S LOSSES WAS CONDUCT AND ACTIONS OF ADELSON.
You gotta love this one, the guy goes to arbitration and asks for $47k and the company fights it and the arbitrator awards him $63k. Ouch. To me this says they were fighting a losing case and got ruled against. Obviously they should have paid the guy is $47k up front.
Case 4
CLAIMANT ALLEGED THAT FIRST CAPITOL AG INC AND JOHN D. STREICH ENGAGED IN CHURNING, USED HIGH-PRESSURE SALES TACTICS, MADE MISREPRESENTATIONS, FAILED TO SUPERVISE, AND ENGAGED IN BUSINESS THROUGH AN UNREGISTERED ASSOCIATED PERSON WHO WAS REQUIRED TO BE REGISTERED. CLAIMANT ALSO ALLEGED CONTINGENT LIABILITY BY REASON OF ADM INVESTOR SERVICES INC'S STATUS AS GUARANTOR FOR FIRST CAPITOL AG INC AND CLAIMED ATTORNEY'S FEES AND COSTS.
They didn’t have to pay out any money on this one. It does not say much for their company but it does not worry me as much as the fraud cases. I guess I can't see high-pressure sales tactics having any effect on me since I seldom talk to a broker and really would not listen to anything they said, other than if there is a problem with my account.
Besides it looks like ADM was only had contingent liability as being a guarantor so they probably didn't do anything other than partner up with a company that may have a little problem with churning customer’s accounts.
More Information On ADM
NFA MEMBER APPROVED 07/01/1982
FUTURES COMMISSION MERCHANT REGISTERED 06/30/1982
Also Known As:
• TABOR COMMODITIES INC
Business Address:
141 W JACKSON BOULEVARD
SUITE 1600A
CHICAGO, IL 60604
UNITED STATES
(312) 435-7000
They also have another company name registered:
ARCHER DANIELS MIDLAND CO NFA ID: 0063840
with no NFA Arbitration Award cases
NFA ID: 0000360
Doing Business As
• DEKALB COMMODITIES A BRANCH OFFICE OF ADM INVESTOR SERVICES INC
- 7 NFA Arbitration Awards cases against them - looks like 3 of them they had to pay out some money. They were registered in 1982 so you have to take that into consideration too, if enough time goes buy your bound to piss somebody off. If they had all these claims after one year, then I would be a lot more concerned.
- 33 CFTC Reparations Cases – I don’t know how bad this is, but it does not sound good.
- 17 Regulatory Actions – Same thing for this, sounds to me like these people have trouble following the rules.
Here is some information on 4 of the 7 cases against them:
Case 1
Claim $328,820.38
Award $27,237.00
Case 2
Claim $29,044.40
Award $12,254.00
UNAUTHORIZED TRADING, MISREPRESENTATION, AND FRAUD
Case 3
Claim $47,366.05
Award $63,395.00
COMMODITY FRAUD, BREACH OF FIDUCIARY DUTY, FAILURE TO DILIGENTLY SUPERVISE, WAIVER, ESTOPPEL, RATIFICATION, STATUTE OF LIMITATIONS, CAUSE OF CLAIMANT'S LOSSES WAS CONDUCT AND ACTIONS OF ADELSON.
You gotta love this one, the guy goes to arbitration and asks for $47k and the company fights it and the arbitrator awards him $63k. Ouch. To me this says they were fighting a losing case and got ruled against. Obviously they should have paid the guy is $47k up front.
Case 4
CLAIMANT ALLEGED THAT FIRST CAPITOL AG INC AND JOHN D. STREICH ENGAGED IN CHURNING, USED HIGH-PRESSURE SALES TACTICS, MADE MISREPRESENTATIONS, FAILED TO SUPERVISE, AND ENGAGED IN BUSINESS THROUGH AN UNREGISTERED ASSOCIATED PERSON WHO WAS REQUIRED TO BE REGISTERED. CLAIMANT ALSO ALLEGED CONTINGENT LIABILITY BY REASON OF ADM INVESTOR SERVICES INC'S STATUS AS GUARANTOR FOR FIRST CAPITOL AG INC AND CLAIMED ATTORNEY'S FEES AND COSTS.
They didn’t have to pay out any money on this one. It does not say much for their company but it does not worry me as much as the fraud cases. I guess I can't see high-pressure sales tactics having any effect on me since I seldom talk to a broker and really would not listen to anything they said, other than if there is a problem with my account.
Besides it looks like ADM was only had contingent liability as being a guarantor so they probably didn't do anything other than partner up with a company that may have a little problem with churning customer’s accounts.
More Information On ADM
NFA MEMBER APPROVED 07/01/1982
FUTURES COMMISSION MERCHANT REGISTERED 06/30/1982
Also Known As:
• TABOR COMMODITIES INC
Business Address:
141 W JACKSON BOULEVARD
SUITE 1600A
CHICAGO, IL 60604
UNITED STATES
(312) 435-7000
They also have another company name registered:
ARCHER DANIELS MIDLAND CO NFA ID: 0063840
with no NFA Arbitration Award cases
