Friday, 22 May 2015
Last updated 3 hours ago
Jan 24 2007 | 12:41pm ET
The National Futures Association has suspended New York-based Cornerstone Capital Management, a CPO and CTA, and Joseph Profit, the firm's principal.
Profit was suspended for having operated a commodity pool (the Cornerstone Icon Fund) without being properly registered under the Commodity Exchange Act. Profit also allegedly provided false and misleading information to NFA and refused to cooperate in an NFA inquiry.
Although CCM has been registered as a CPO and CTA since August 2005, Profit continually claimed that the Icon Fund had not accepted funds from participants or begun trading. Profit has also claimed that CCM did not have any funds under management. During the course of NFA's investigation, however, Profit admitted accepting funds from participants in the Icon Fund in May 2005 and that Profit has had CTA clients.
As a result of the suspension, CCM and Profit are prohibited from acting in any manner which requires registration under the Commodity Exchange Act and are prohibited from soliciting or disbursing any funds without NFA approval.
The suspension will remain in effect until NFA is satisfied that CCM and Profit are in complete compliance with all NFA requirements. CCM and Profit may petition the CFTC for a stay of this action and may also request a hearing before NFA's Hearing Committee.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…