NFA Alleges Fraud Against Chicago Futures Firm

Jul 24 2009 | 11:48am ET

The National Futures Association has taken an emergency enforcement action against Raleigh Capital Management, and its principal, Richmond Hamilton. The agency said the action was deemed necessary to protect the commodity futures markets, investors and NFA members because RCM and Hamilton.

The NFA said Hamilton has provided information regarding his ability to honor redemption requests from investors in the Raleigh Fund that contradicts information provided to NFA by the investors in the fund. Hamilton has also allegedly taken money from the fund, characterized as loans, but has failed to pay back the loans.

Additionally, it appears that the fund bought real estate property from Hamilton without providing investors with a full disclosure of the transactions.

Effective immediately, RCM and Hamilton are prohibited from soliciting or accepting any investors and are prohibited from trading on behalf of any investors or pools. Additionally, RCM and Hamilton are prohibited from disbursing or transferring any funds from any accounts in the name of RCM or pools it operates without prior approval from NFA.

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