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February 14, 2008
NFA settles enforcement action with Black Flag Capital Partners LLC and its principal
February 14, Chicago - National Futures Association (NFA) has settled an enforcement action against Black Flag Capital Partners LLC (Black Flag) and its principal, Jason Black, in which they agreed to withdraw from NFA membership and associate membership, respectively, for a period of thirty months. Black Flag is a Commodity Trading Advisor and Commodity Pool Operator. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in September 2007 and a settlement offer submitted by Black Flag and Black.
The Complaint charged that Black Flag failed to maintain their correct business address with NFA, failed to properly prepare pool financial statements, and failed to provide accurate disclosure documents to its pool participants. The Complaint also charged that Black Flag and Black provided misleading information to NFA regarding its pool, failed to promptly and fully cooperate with NFA, and failed to supervise the firm's activities.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the derivatives markets.