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For Immediate Release
February 09, 2009
NFA bars New Jersey commodity pool operator
February 9, Chicago - National Futures Association (NFA) has ordered Progressive Investment Funds (Progressive), a Commodity Pool Operator located in Glenrock, New Jersey, to withdraw from NFA membership and not reapply. Victor E. Cilli, Progressive's sole principal, also agreed to withdraw from NFA membership. If Cilli reapplies for NFA membership in the future, his application will be subject to certain conditions, including a requirement that he pay a $10,000 fine. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in August 2008 and a settlement offer submitted by Progressive and Cilli.
The Complaint charged that Progressive and Cilli had failed to produce certain books and records requested by NFA as part of an inquiry relating to a pool operated by Progressive. NFA previously issued a Member Responsibility Action against Progressive and Cilli in June 2008. See previous press release.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.