Release: #3976-96 (Civ 95-6221)

For Release: December 3, 1996

FLORIDA DISTRICT COURT JUDGE GRANTS CFTC A PERMANENT INJUNCTION
    AGAINST JDI LIMITED D/B/A FUTURE VISION, RICHARD A. BANDEMER AND FREDERICK
    W. TAFT, BANNING DEFENDANTS FROM THE FUTURES INDUSTRY AND ORDERING
    DISGORGEMENT, AMONG OTHER SANCTIONS

Settlement Stems from CFTC Charges that the Defendants Acted as
    Unregistered CTAs and Committed Fraud in Connection with the Sale of a
    Futures Trading Program

WASHINGTON - The Commodity Futures Trading Commission (CFTC) announced
    today that U.S. District Judge Jose A. Gonzalez of the U.S. District Court
    for the Southern District of Florida entered a consent order of permanent
    injunction against JDI Limited Inc. d/b/a Future Vision (JDI), a
    Florida corporation formerly located in Fort Lauderdale, Florida; Richard A. Bandemer of Boca Raton, Florida, the president of Future
    Vision; and Frederick Taft of Fort Lauderdale, a former employee of
    Future Vision. None of the defendants has ever been registered with the
    CFTC.

The consent order, entered on November 27, 1996, settles an amended
    eight- count civil complaint which alleged that defendants violated the
    anti-fraud and registration provisions of the Commodity Exchange Act
    (CEA), CFTC regulations, and provisions of Florida law in connection
    with the sale of a customized electronic trading system called the Micro-Trading System (MTS), which generated advice for buying and
    selling Swiss Franc futures. In June, the CFTC settled charges against Oster Communications Inc. (Oster) of Cedar Falls, Iowa, with the
    issuance of an administrative order on June 20, 1996, finding that Oster
    joined defendants JDI and Bandemer in the marketing and support of MTS
    (See CFTC News Releases #3824-95, March 7, 1995 and #3921-96, June
    20, 1996).

Defendants Represented to Customers that 80 Percent

of Their Trades Would Be Profitable Using the MTS System

As alleged in the CFTC complaint, the defendants solicited customers to
    purchase their trading system by advertising in local newspapers and
    distributing promotional materials to individuals who visited their offices
    and attended regional business conventions. The complaint charged that
    defendants induced customers to purchase

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CFTC News Release: #3976-96 (Civ 95-6221) - 2 -

MTS by making false, deceptive, and misleading representations of
    material facts, including that if customers followed the defendants'
    system, 80 percent of their trades would be profitable.

The complaint further alleged that the defendants operated as
    unregistered commodity trading advisors (CTAs) by offering MTS to the
    general public. In marketing their system, the defendants held week-long
    training classes, after which they provided lifetime trading support,
    remedial instruction, daily telephone reports detailing trades made by the
    defendants, and review and critique of individual trades made by
    purchasers, in person and through a voice-mail system, according to the
    complaint.

Order Brings Total of Disgorgement in This CFTC Enforcement
    Action

to Above the $1 Million Level

Under the court's consent order, JDI, Bandemer, and Taft are required to
    disgorge for the benefit of their customers in excess of $385,000 in
    ill-gotten gains. This amount, combined with the more than $700,000 already
    disgorged by Oster under the terms of its settlement agreement with the
    CFTC, will result in the return of over $1 million to customers who
    purchased defendants' trading system. The order also provides that Bandemer
    disgorge additional funds should his income exceed a specific amount at any
    time during the next five years.

Additionally, the defendants are enjoined from further violations of the
    CEA, CFTC regulations, and Florida laws charged in the amended complaint;
    prohibited from seeking registration with the CFTC in any capacity,
    soliciting orders, accepting funds or advising others regarding commodity
    futures and options contracts; and permanently enjoined from trading such
    contracts.

The Attorney General's Office of the State of Florida is administering
    the return of funds to customers. The Florida Attorney General, a
    co-plaintiff with the CFTC in this action, charged the defendants with
    misrepresenting facts in connection with their commercial activities,
    filing an untruthful and incomplete business disclosure statement, and
    engaging in civil theft.

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