NFA Takes Emergency Action Against Last Atlantis

Apr 25 2008 | 2:00am ET

The National Futures Association has taken an emergency enforcement action against St. Thomas, Virgin Islands-based Last Atlantis Capital Management, a commodity trading advisor and commodity pool operator.

According to the NFA, LACM has provided false and misleading information to investors in LACM Proprietary Options Share Class O and to the NFA, as well as failing to make and keep accurate and complete books and records. In addition, LACM made a loan from assets of the share class to a related entity without disclosing the transaction to investors in a timely manner.

The NFA has prohibited LACM from soliciting or accepting any investors or funds for the share class. Additionally, LACM is prohibited from disbursing, transferring or trading any funds in the said share class without prior NFA approval.

LACM was launched by alternative investment industry veterans Irwin Berger and Stig Ostgaard, and Last Atlantis Capital, a proprietary trading, systems and technology development firm. The firm offers investors exposures to different strategies via a multi-share class feeder fund, which currently total some 16 strategies.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.