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July 31, 2014
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Larry Dyekman (312) 781-1372, firstname.lastname@example.org
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NFA takes emergency enforcement action against Connecticut firm Nord Capital Advisors LLC and its principal, Yakov Shlyapochnik
July 31, Chicago — National Futures Association (NFA) announced today that it has taken an emergency enforcement action against Nord Capital Advisors LLC (Nord Capital), an NFA Member commodity trading advisor and commodity pool operator located in Stamford, Conn., and Yakov Shlyapochnik, a principal and associated person of Nord Capital.
NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA), effective immediately, to protect investors, the commodity futures markets and other NFA Members and Associates because Nord Capital and Shylapochnik have failed to fully cooperate during NFA's attempted examination and investigation by not producing the books and records that NFA requested.
Acting on a complaint NFA received from a representative of a company located in Cyprus regarding Shylapochnik and various entities related to Nord Capital, NFA began an exam and investigation of Nord Capital and Shlyapochnik. As part of the exam and investigation, NFA requested that Nord Capital and Shlyapochnik produce certain records for NFA's review, including the firm's cash records, bank statements and current trading records. Despite numerous requests, Nord Capital and Shlyapochnik have not provided NFA with all of the requested records.
Nord Capital and Shlyapochnik and any person acting on their behalf are prohibited from soliciting or accepting any funds from customers, pool participants or investors, as well as soliciting investments for any managed accounts, pools or other investment vehicles, including Nord Capital Advisors Diversified Futures Master Fund Limited (Nord Master Fund), Nord Capital Global Diversified Futures Fund Limited (Nord Global Fund Limited) and Nord Capital Global Diversified Futures Fund LLC (Nord Global Fund LLC). Additionally, they are prohibited from placing any trades on behalf of or for Nord Capital, Nord Master Fund, Nord Global Fund Limited, Nord Global Fund LLC or Shlyapochnik or any other account or fund over which Nord Capital or Shlyapochnik exercise control, except liquidation or risk-reducing trades. They are also prohibited from disbursing or transferring any funds over which they exercise control without prior approval from NFA.
The MRA/ARA will remain in effect until such time as Nord Capital and Shlyapochnik have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA Requirements.
Nord Capital and Shlyapochnik may request a hearing before NFA's Hearing Committee.
The complete text of the MRA is available on NFA's website (www.nfa.futures.org).
The following Compliance staff members are responsible for this case: Ryan Ahlfeld (312-781-1591) and Shane O'Mara (312-781-1487).