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For Immediate Release
October 30, 2014

For more information contact:
Alex Vorro (312) 781-1454,
Karen Wuertz (312) 781-1335,

NFA orders California commodity pool operator Belvedere Asset Management LLC to permanently withdraw from NFA membership and sanctions its principal, Keith D. Pagan

October 30, Chicago — National Futures Association (NFA) has ordered Belvedere Asset Management LLC (Belvedere), a commodity pool operator Member of NFA located in San Rafael, Calif., to permanently withdraw from NFA membership. NFA also has ordered the firm's chief executive officer, principal and associated person (AP), Keith D. Pagan, to withdraw from NFA membership for a period of five years. The Decision, issued by NFA's Business Conduct Committee (Committee), is based on a Complaint filed on June 30, 2014, and a settlement offer submitted by Belvedere and Pagan.

The Committee found that Belvedere and Pagan failed to reimburse the Belvedere Alternative lncome Fund (BELIX), a commodity pool that Belvedere operated, for excess expenses as required under the terms of an agreement with BELIX and, as a result, received de facto advances of pool assets.

In addition, the Committee found that Belvedere and Pagan willfully provided misleading information to NFA regarding Belvedere's financial solvency and a $150,000 loan Belvedere received from an entity controlled by Jonathan M. Hansen, who is the subject of an Associate Responsibility Action issued by NFA.

Additionally, the Complaint charged Belvedere with permitting an unregistered individual to act as an AP of the firm, and Belvedere and Pagan with failing to supervise.

The complete text of the Complaint and Decision can be viewed on NFA's website.

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