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For Immediate Release
February 25, 2008
NFA takes emergency enforcement action against Innovative Capital Management LLC and its principal, Yehuda Belsky
February 25, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Innovative Capital Management LLC (Innovative) and its principal, Yehuda Belsky. Innovative is a Commodity Pool Operator and a Commodity Trading Advisor located in Brooklyn, New York.
Effective immediately, the Member Responsibility Action (MRA) is deemed necessary to protect customers because Innovative and Belsky have provided NFA with false and misleading information, specifically fictitious statements regarding accounts controlled by Innovative.
The MRA suspends Innovative and Belsky from NFA membership and Associate membership, respectively. The MRA also prohibits Innovative and Belsky from acting in any manner that requires registration under the Commodity Exchange Act. In addition, the MRA prohibits Innovative and Belsky from soliciting or accepting any customer or pool participant's funds or placing trades on behalf of any of its customers or pools except to liquidate existing positions. Furthermore, the MRA prohibits Innovative and Belsky from distributing, disbursing or transferring any funds of customers or pools without prior NFA approval.
The MRA will remain in effect until Innovative and Belsky have demonstrated that they are in complete compliance with all NFA Requirements. Innovative and Belsky may request a hearing before NFA's Hearing Committee.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.