NFA Lowers Hammer On CPO, CTA Operator

Jan 17 2007 | 11:03am ET

The National Futures Association recently completed a hat trick against Castle Trading, a registered introducing broker, CHP Asset Management, a registered CPO, Acceleration Capital, a CTA, and their principal, Yuri Plyam.
      
According to the NFA, Castle Trading allegedly failed to maintain required records and initiate an adequate anti-money laundering program. CHP also failed to prepare accurate pool statements, and Plyam failed to supervise any of the businesses under his control. In a related enforcement action, the Commodity Futures Trading Commission announced an order filing and settling charges of fraud and misappropriation of customer funds against Acceleration Capital.

In the settlement, Castle agreed to submit all promotional material to NFA for review and approval prior to first use and to maintain a super adjusted net capital level of at least $100,000 for 18 months. CHP agreed to pay a $30,000 fine and Plyam agreed that neither he nor any other firm he controls would operate a commodity pool for a period of three years.  Finally, CHP and Acceleration Capital agreed that their NFA memberships would be permanently terminated. 


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note