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For Immediate Release
March 14, 2006
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NFA takes enforcement action against New York commodity trading advisor and one of its principals
March 14, Chicago - National Futures Association (NFA) announced that it has suspended Midas Communication Services LLC, a commodity trading advisor (CTA) located in New York City, and Shamim Jalil Ahmed, an associate of the firm. As a result of the suspension, Midas and Ahmed are prohibited from acting in any manner which requires registration under the Commodity Exchange Act and are prohibited from disbursing any funds without NFA approval.
NFA took the enforcement action, which becomes effective immediately, because Midas and Ahmed failed to produce to NFA books and records requested by NFA as part of an examination of Midas. Because of this failure to cooperate, NFA is unable to ascertain that Midas is in full compliance with all NFA requirements.
The suspension will remain in effect until NFA is satisfied that Midas is in complete compliance with all NFA requirements. Midas may petition the Commodity Futures Trading Commission for a stay of this action and may also request a hearing before NFA's Hearing Committee.
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