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July 23, 2009
NFA takes emergency enforcement action against Moroccan firm Raleigh Capital Management, Inc. and its principal
July 23, Chicago - National Futures Association (NFA) has announced today that it has taken an emergency enforcement action against Raleigh Capital Management, Inc. (RCM) and its principal, Richmond H. Hamilton, Jr.
The Member Responsibility Action (MRA) is deemed necessary to protect the commodity futures markets, customers and NFA Members because RCM and Hamilton have acted in a manner that is contrary to the interests of the Raleigh Fund, L.P. (the "Fund") and its participants. Hamilton has provided information to NFA regarding his ability to honor redemption requests from participants in the Fund that contradicts information provided to NFA by the participants in the Fund. Hamilton has also taken money from the Fund, characterized as loans, but has failed to pay back these purported loans. Additionally, it appears that the Fund, under the advisement of RCM and Hamilton purchased real estate property, from Hamilton without providing participants with a full disclosure of the transactions.
Effective immediately, RCM and Hamilton are prohibited from soliciting or accepting any customer or pool participants' funds and are prohibited from placing trades or transactions on behalf of any customers or pools. Additionally, RCM and Hamilton are prohibited from disbursing or transferring any funds from any accounts in the name of RCM or pools it operates without prior approval from NFA. RCM and Hamilton may request a prompt hearing on this matter before NFA's Hearing Committee.
The following NFA Compliance staff members are responsible for this case: Diane Spreadbury (312-781-1573) and Sharon Pendleton (312-781-1401).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.