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January 27, 2012
NFA takes emergency enforcement action against New York firm BKT Capital Management and its principal, Basil Fayadh
January 27, Chicago - National Futures Association (NFA) announced today that it has taken an emergency enforcement action against BKT Capital Management LLC (BKT), a commodity trading advisor located in New York City, and its principal, Basil Fayadh.
NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) to protect customers because BKT and Fayadh have deliberately misled NFA and failed to cooperate with NFA throughout its investigation and attempted examination of the firm.
During the course of an unannounced audit, Fayadh provided misleading information regarding the existence of forex accounts and his affiliation with another related entity, BK Trading Inc. Fayadh also attempted to conceal information contained in bank statements. Eventually, Fayadh refused to cooperate any further with NFA's investigation.
BKT and Fayadh are suspended from NFA membership effective immediately. In addition, they are prohibited from disbursing or transferring any customer funds.
BKT and Fayadh may request a hearing before NFA's Hearing Committee.
The following Compliance staff members are responsible for this case: Diane Seidel (312-781-1573) and Kimberly Nordhoff (312-781-1374).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.