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March 31, 2009
Futures firm Last Atlantis Capital Management LLC permanently withdraws from NFA membership
March 31, Chicago - National Futures Association (NFA) has accepted Last Atlantis Capital Management LLC's (LACM) settlement offer to permanently withdraw from NFA membership. LACM is a Commodity Trading Advisor and Commodity Pool Operator Member of NFA located in the Virgin Islands with offices in St. Charles, Illinois. Irwin M. Berger, principal of LACM, also agreed to withdraw from NFA membership for a period of three years and to pay a fine of $60,000 in the event that he reapplies for NFA membership again. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in November 2008 and a settlement offer submitted by LACM and Berger in which they neither admitted nor denied the allegations made against them.
As part of the Offer of Settlement, LACM and Berger agreed that the Decision would include the Panel's belief that LACM and Berger committed the violations alleged in the Complaint. The Panel had reason to believe that LACM provided deceptive reports to pool participants and false and misleading information to NFA. The Panel also had reason to believe that LACM failed to properly compute and present financial statements and reports and failed to provide complete and accurate disclosures to prospective participants. Additionally, the Panel had reason to believe that LACM and Berger failed to adequately supervise the activities of LACM and its employees.
NFA also terminated and lifted an emergency enforcement action against LACM taken in April 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.