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For Immediate Release
March 9, 2010

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

NFA takes an emergency enforcement action against IAG Capital Management, LLC, William P. Kelly and Timothy M. Murphy

March 9, Chicago - National Futures Association (NFA) announced that it has taken an emergency enforcement action against IAG Capital Management, LLC (IAG), William P. Kelly and Timothy M. Murphy. IAG is a commodity pool operator located in Weston, Connecticut. Kelly is a current principal and associated person (AP) of IAG while Murphy is a former principal and AP of IAG.

NFA has taken this Member Responsibility Action (MRA) to protect IAG's customers and also to protect investors in the commodity pools and other investment vehicles controlled by Kelly and Murphy. The action is deemed necessary because IAG, Kelly and Murphy appear to have misappropriated customer funds, failed to cooperate fully with NFA in its investigation of their activities and failed to demonstrate that they are in full compliance with NFA Requirements.

Effective immediately, IAG, Kelly, and Murphy are prohibited from disbursing or transferring customer, investor, and commodity pool funds without prior NFA approval. Additionally, IAG, Kelly and Murphy are prohibited from soliciting or accepting any funds from customers or investors, soliciting investments for any commodity pools or other investment vehicles or placing any trades on behalf of customers, commodity pools or investors. Murphy is also prohibited from introducing any customer accounts. The MRA will remain in effect until IAG, Kelly and Murphy have demonstrated that they are in complete compliance with all NFA Requirements. IAG, Kelly and Murphy 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: Matt Pendell (312-781-1568) and Chris Mitseff (312-781-1477).

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

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