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For Immediate Release
February 05, 2014
NFA permanently bars New York commodity trading advisor SK Madison LLC and its principal Michael James Seward
February 5, Chicago - National Futures Association (NFA) has permanently barred SK Madison LLC (SK), a commodity trading advisor member of NFA located in New York City, from NFA membership. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed against SK and Seward on November 7, 2013.
The Complaint alleged that SK, Seward and an individual named Ian Kaziyev - who was not registered with the Commodity Futures Trading Commission or an NFA Member - converted approximately $900,000 of pool participant funds, and that SK and Seward deliberately misled NFA throughout its investigation and examination of SK. In addition, the Complaint alleged that SK and Seward failed to uphold high standards of commercial honor and just and equitable principals of trade, and failed to adequately supervise SK's activities and employees. The Complaint also alleged that SK failed to maintain adequate books and records.
NFA served SK and Seward the Complaint by first-class and overnight mail at the last address the firm had provided to NFA. SK and Seward failed to respond to the Complaint in any way, and failed to respond to subsequent attempts by NFA to serve the Complaint. SK and Seward are therefore deemed to have admitted the facts and legal conclusions alleged in the Complaint, and to have waived their right to a hearing.
SK and Seward may appeal this Decision to NFA's Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.
NFA had previously issued an emergency enforcement action against SK and Seward on June 7, 2013.