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For Immediate Release
January 22, 2010

For more information contact:
Larry Dyekman (312) 781-1372,
Karen Wuertz (312) 781-1335,

NFA takes an emergency enforcement action against two California futures firms and its principal

January 22, Chicago - National Futures Association (NFA) announced that it has taken an emergency enforcement action against Direct Investment Products, Inc. (DIP), Institutional Capital Management LLC (ICM) and its sole principal and associated person, Alexander Glytenko. DIP is a Commodity Pool Operator (CPO) and Commodity Trading Advisor. ICM is a CPO. Both firms have their business locations listed in Carlsbad, California.

NFA has taken this Member Responsibility Action (MRA) in order to protect customers of Glytenko, DIP and ICM and participants in any pools or accounts that Glytenko, DIP and ICM operate. Glytenko and the firms have failed to cooperate with NFA in an examination of the firms. The investigation was prompted by a complaint from a customer in Russia, who described herself as a shareholder of DIP and was concerned about her investment because of her inability to communicate with Glytenko. This individual also indicated that Glytenko operated several pools which were not listed with NFA. As of May 2009, the firm had indicated to NFA that it was not currently doing futures business, but NFA's investigation of the DIP's websites suggests otherwise.

Effective immediately, Glytenko, DIP and ICM are prohibited from soliciting or accepting any funds and disbursing or transferring funds of customers, pool participants or investors in any pools or accounts which Glytenko and the firms exercise control over or operate. Additionally, Glytenko, DIP and ICM are prohibited from placing trades on behalf of any pools or accounts that they exercise control over or operate. The MRA will remain in effect until Glytenko, DIP and ICM have demonstrated that they are in complete compliance with all NFA Requirements. Glytenko, DIP and ICM may request a prompt hearing before NFA's Hearing Committee.

The complete text of the MRA can be found on NFA's website (

The following NFA Compliance staff members are responsible for this case: Christine Kreke (312-781-1289) and Eric Dale (312-781-1473).

NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.

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