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June 18, 2012
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NFA permanently bars Auburn, Alabama futures firm, TS Capital Management
June 18, Chicago - National Futures Association (NFA) has permanently barred TS Capital Management LLC (TS Capital), a commodity pool operator located in Auburn, Alabama. The Decision was rendered by NFA's Business Conduct Committee (BCC).
On October 26, 2011, NFA issued a Member Responsibility Action against TS Capital Management (see previous press release). NFA's BCC subsequently issued a Complaint against TS Capital on April 2, 2012, alleging that TS Capital provided false and misleading information to NFA concerning the operations of the firm and its affiliates and about numerous transactions, including bank deposits and wire transfer activity and the source of the funds for deposits. In addition, the Complaint alleged that TS Capital failed to cooperate with NFA during the examination and investigation of the firm by failing to produce records that NFA had requested for TS Capital, the firm's affiliates and their exempt pools. Finally, the Complaint alleged that TS Capital was required to list John Stroud, the firm's chief executive officer and co-owner of the firm, as a principal.
With the issuance of the Complaint, TS Capital was required to file an Answer with NFA within 30 days. TS Capital failed to respond to the Complaint in any way and NFA subsequently sent another copy of the Complaint to the firm. To date, TS Capital has neither filed an Answer to the Complaint nor otherwise responded to it. As a result, the BCC ruled that TS Capital had deemed to have admitted the facts and legal conclusions alleged in the Complaint and permanently barred the firm from NFA membership.
TS Capital may appeal the Decision to NFA's Appeals Committee by filing a written notice of appeal within 15 days of the date of the Decision.
The complete text of the Decision can be viewed on NFA's website (www.nfa.futures.org).
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.