Freeriding Disclosure

Freeriding
A cash account may be restricted for 90 days as a Freeriding account if it recurrently recycles funds within the same day.  An example of Freeriding is a customer who, on the same day, purchases a security, sells the same security, and uses the sale proceeds to execute another purchase.  When an account is restricted the customer will not be able to enter orders unless sufficient funds are available to cover the purchase.

04/05/2006 Version 001