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June 9, 2008
NFA takes emergency enforcement action against New Jersey firm, Progressive Investment Funds and Victor E. Cilli
June 9, Chicago - National Futures Association (NFA) announced that it has taken an emergency enforcement action against Progressive Investment Funds (Progressive), a Commodity Pool Operator located in Glenrock, New Jersey, and its sole principal, Victor E. Cilli.
Effective immediately, the action prohibits Progressive and Cilli from soliciting or accepting any funds from customers, pool participants, or investors in the Progressive Managed Futures Fund LP (Fund). The action also prohibits Progressive and Cilli from placing trades on behalf of the Fund, except to liquidate existing positions. Additionally, the action prohibits Progressive and Cilli from disbursing or transferring any funds of customers, participants or investors in the Fund or repaying any loans from any accounts without prior NFA approval.
This action is deemed necessary to protect customers of Progressive and participants of the Fund, because Progressive and Cilli have failed to cooperate with an NFA investigation, instigated by a complaint from a Progressive customer who claimed to be unable to redeem interest in the pool.
The Member Responsibility Action will remain in effect, until such time Progressive and Cilli have demonstrated that they are in complete compliance with all NFA Requirements. Progressive 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.