NFA Drains New Jersey Commodity Pool Operator

Jun 9 2008 | 11:28am ET

The National Futures Association has taken an emergency enforcement action against Progressive Investment Funds, a commodity pool operator located in Glenrock, N.J., and its sole principal, Victor Cilli.

Cilli is prohibited from soliciting or accepting any funds from investors in the Progressive Managed Futures Fund and placing trades on behalf of the fund, except to liquidate existing positions. Additionally, he is prohibited from disbursing or transferring any funds of customers, participants or investors in the fund or repaying any loans from any accounts without prior NFA approval.

The NFA said its actions were necessary to protect investors in the fund because Cilli has failed to cooperate with an NFA investigation, instigated by a complaint from a Progressive investor who claimed to be unable to redeem interest in the pool.

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