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June 25, 2009
NFA takes emergency enforcement action against Texas firm, Strongbow Investments GP LLC
June 25, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Strongbow Investments GP LLC (Strongbow), a Commodity Pool Operator and Commodity Trading Advisor located in Austin, Texas.
The Member Responsibility Action (MRA) is deemed necessary because Strongbow has commingled the assets of the pool it operates with the firm's assets and the assets of owner and principal, Patrick Dailey. Additionally, Strongbow and Dailey may have acted in a manner contrary to the interests of their customers by making unsecured loans to Dailey from the assets of both the firm and the pool for Dailey's personal use without providing full disclosure to the customers. NFA is unable to determine the financial condition of the firm, the pool and the pool's participants because NFA has not received all of the requested financial information from Strongbow.
Strongbow is prohibited from soliciting or accepting any customer or pool participant's funds or any funds for investment in the firm. Strongbow is also prohibited from disbursing or transferring any funds from any accounts without prior approval from NFA.
The MRA will remain in effect until such time as Strongbow has demonstrated it is in complete compliance with all NFA requirements and that the firm can accurately account for the amount owed to the pool participants including any amounts invested in the firm. Strongbow may request a prompt hearing on this matter before NFA's Hearing Committee.
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