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May 13, 2011
NFA orders Spring Creek Capital LLC and its principal, John V. Legittino, to withdraw immediately from NFA membership
May 13, Chicago - National Futures Association (NFA) has ordered Spring Creek Capital LLC (Spring Creek) and its sole principal and associated person, John V. Legittino, to withdraw immediately from NFA and not reapply for NFA membership or associate membership, or act as a principal of an NFA Member at any time in the future. Spring Creek is an Introducing Broker located in Chicago, Illinois. The Decision, issued by NFA's Business Conduct Committee, is based on an NFA Complaint filed in May 2011 and a settlement offer submitted by Spring Creek and Legittino.
The Complaint alleged that Spring Creek allowed three unregistered individuals -- William M. Stephens (who has prior disciplinary history), William R. Howell and Paul F. Connors -- to act as purported associated persons (APs) and solicit customers for Spring Creek without being registered as APs of the firm and compensated these individuals for their services. In this regard, the Complaint alleged that Legittino facilitated the payments of more than $3 million to these unregistered individuals.
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