The following is from the NFA...
June 20, Chicago – National Futures Association (NFA) has permanently barred SureInvestment LLC (Sure), a commodity pool operator and commodity trading advisor located in McLean, Virginia. NFA also permanently barred Benjamin Wilson, a principal and associated person of Sure. The Decision was rendered by NFA's Business Conduct Committee (BCC) on June 13.
The Complaint alleged that Sure failed to disclose to participants of a commodity pool that it operated, or to capital investors, the firm's financial condition after the pool incurred a debit balance and sustained huge trading losses. The Complaint also alleged that the firm provided misleading information to NFA and – together with firm personnel – misappropriated customer funds. In addition, the Complaint alleged that Sure failed to maintain required books and records and that Sure and Wilson failed to update registration forms to disclose that Wilson was the subject of a lawsuit by the Financial Services Authority in the U.K., in which he was charged with misappropriating funds from customers. Finally, the Complaint alleged that Sure and Wilson failed to adequately supervise the activities of the firm.
With the issuance of the Complaint, Sure and Wilson were required to file an Answer with NFA within 30 days. Sure and Wilson failed to respond to the Complaint in any way and NFA subsequently sent another copy of the Complaint to Sure and Wilson. When Sure and Wilson again failed to respond to the Complaint, the BCC ruled that Sure and Wilson committed each and every violation alleged against them in the Complaint and permanently barred them from NFA membership.
Sure and Wilson may appeal the Decision to the Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.
In a separate Decision, issued on June 18, NFA's BCC permanently barred Crosby Wood (Wood), a principal and associated person of Sure, from NFA membership. Wood was named in the same MRA issued against Sure on September 2, 2011and the Complaint issued against Sure and Wilson on April 13, 2012. However, unlike Sure and Wilson, Wood submitted an Answer and an Offer of Settlement in response to the Complaint. The BCC subsequently accepted the settlement offer and found Wood violated the NFA Compliance Rules alleged in the Complaint, including providing NFA with misleading information and failing to cooperate promptly and fully with NFA during the course of its audit and investigation of the firm. The Complaint also alleged that Wood failed to observe high standards of commercial honor and just and equitable principles of trade.