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.

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