NFA takes emergency action against CTAs

June 22, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against D2W Capital Management LLC (D2W), Prestige Capital Advisors LLC (Prestige) and its principal, Toby Hunter. D2W and Prestige are Commodity Trading Advisors located in Charlotte, North Carolina.

Based on NFA's examination of D2W and Prestige, it appears that D2W, Prestige and Hunter have misled customers regarding the value of their investments, continue to solicit potential customers with false and misleading performance information and have not provided D2W's customers with an NFA approved disclosure document. D2W, Prestige and Hunter have not been able to provide current books and records to NFA supporting the current value or location of their purported assets and client funds, and have also misled NFA throughout its investigation of the firms.

Effective immediately, the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) prohibits D2W, Prestige and Hunter from soliciting or accepting any funds from customers or investors, soliciting investments for any managed accounts, pools or other investment vehicles, or placing any trades. D2W, Prestige and Hunter are also prohibited from disbursing or transferring any funds of customers, investors or pools over which they exercise control, or participants in any such pools, without prior approval from NFA.

The MRA/ARA will remain in effect until such time that D2W, Prestige and Hunter demonstrate that they are in complete compliance with all NFA Requirements. D2W, Prestige and Hunter may request a prompt hearing before NFA's Hearing Committee.

The complete text of the MRA/ARA can be found on NFA's website (www.nfa.futures.org).

The following Compliance staff members are responsible for this case: LeeAnn Reider (312-781-1553) and Chris Mitseff (312-781-1477).

Comments
comments powered by Disqus