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February 10, 2014
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NFA permanently bars Pasadena, Calif. commodity pool operator Equity Swarm LLC, commodity trading advisor Adantia LLC and two of the firms' principals, Purnardeep Sikka and Jagjit S. Sikka
February 10, Chicago - National Futures Association (NFA) has permanently barred from membership Equity Swarm LLC (Equity), a commodity pool operator member of NFA and Adantia LLC (Adantia), a commodity trading advisor member of NFA. Both firms are located in Pasadena, Calif. NFA also permanently barred Purnardeep Sikka (P. Sikka) and Jagjit S. Sikka (J. Sikka), listed principals of both Equity and Adantia and NFA Associates. The Decision, issued by NFA's Business Conduct Committee, is based on a Complaint filed against Equity, Adantia, P. Sikka, J. Sikka and Daryl P. Jamison (Jamison), a listed principal of Equity and an NFA Associate, on December 23, 2013.
The Complaint alleged that Equity, Adantia, P. Sikka and J. Sikka misappropriated customer funds, provided false and misleading information to NFA and failed to observe high standards of commercial honor and just and equitable principals of trade. The Complaint also alleged that Equity and Adantia directed pool assets to themselves or affiliated entities or individuals. In addition, the Complaint alleged that Equity, P Sika, J. Sikka and Jamison failed to cooperate promptly and fully with NFA during its examination of Equity.
NFA served Equity, Adantia, P. Sikka, J. Sikka and Jamison with the Complaint by first-class and overnight mail at the last address the firm had provided to NFA. Jamison filed an Answer to the Complaint. However, Equity, Adantia, P. Sikka and J. Sikka failed to respond to the Complaint in any way, and failed to respond to subsequent attempts by NFA to serve the Complaint. Equity, Adantia, P. Sikka and J. Sikka are, therefore, deemed to have admitted the facts and legal conclusions alleged in the Complaint and to have waived their right to a hearing.
Equity, Adantia, P. Sikka and J. Sikka may appeal this 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 Complaint and Decision can be viewed on NFA's website.