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

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

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.