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February 13, 2009
Cayman Islands NFA commodity pool operator Member Magma Fund Advisors Ltd. withdraws permanently from NFA
February 13, Chicago - National Futures Association (NFA) has accepted Magma Fund Advisors Ltd.'s (Magma) settlement offer to withdraw from NFA membership and to never reapply. Magma, a Commodity Pool Operator Member of NFA, is located in George Town, Cayman Islands with a U.S. office in Atlanta, Georgia. Desmond M. Muthemba, Magma's principal, also agreed to withdraw from NFA Associate membership for two years and not to apply for NFA membership or principal status with any NFA Member for five years. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in December 2008 and a settlement offer submitted by Magma and Muthemba that neither admitted nor denied the allegations made against them in the Complaint.
The Complaint charged that Magma provided false information to NFA and failed to list a principal of the firm. The Complaint also charged that Magma failed to uphold just and equitable principles of trade. Additionally, the Complaint charged that Magma and Muthemba used deceptive promotional material and that they both failed to diligently supervise the conduct of Magma's commodity futures business.
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