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March 22, 2013
NFA levies a total of $750,000 in fines against California firm First Quadrant LP and Kent Charles Roberts II, a former principal and associated person of the firm
March 22, Chicago - National Futures Association (NFA) has levied a $500,000 fine against Kent Charles Roberts II (Roberts), a former associated person (AP) and principal of First Quadrant LP, an NFA Member commodity trading advisor and commodity pool operator located in Pasadena, California. NFA has also levied a $250,000 fine against First Quadrant. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed on March 21, 2013 and a settlement offer submitted by First Quadrant and Roberts.
The Complaint alleged that Roberts violated just and equitable principles of trade under NFA Compliance Rule 2-4 by allowing individuals to engage in activities that required them to be registered as APs of First Quadrant - when such individuals were not registered as APs of the firm. Roberts was also alleged to have arranged for an introducing broker (IB) Member of NFA to compensate those unregistered individuals for their assistance and failed to disclose those activities to First Quadrant's management.
The Complaint further alleged that First Quadrant violated its obligation to adequately supervise Roberts under NFA Compliance Rule 2-9(a) by failing to detect Roberts' use of unregistered individuals and his arrangement for the IB to make payments to those unregistered individuals for their assistance.
First Quadrant and Roberts neither admitted nor denied the allegations.