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April 14, 2015
For more information contact:
Karen Wuertz (312) 781-1335, email@example.com
NFA takes emergency enforcement action against Houston, Texas firm RNS Holdings LP and its principal, Raja Michael Mawad
April 14, Chicago — National Futures Association (NFA) announced today that it has taken an emergency enforcement action against RNS Holdings LP (RNS), an NFA Member commodity pool operator (CPO) located in Houston, Texas, and Raja Michael Mawad (Mawad), a principal and sole associated person (AP) of RNS.
NFA has taken the Member Responsibility Action (MRA) and Associate Responsibility Action (ARA) to protect participants in the RNS Capital LP Fund (RNS Fund) because Mawad has misappropriated pool participant funds and improperly used pool participant funds for expenses which should have been paid by Mawad or the pool operator.
Effective immediately, RNS and Mawad are suspended from NFA membership and associate membership. They also are prohibited from disbursing or transferring any funds of customers, pool participants, investors or pools over which they control, without NFA's prior approval. Finally, RNS and Mawad must repay the money they misappropriated and improperly used from the RNS Fund.
The MRA/ARA will remain in effect until such time as RNS and Mawad have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA Requirements.
RNS and Mawad may request a hearing before NFA's Hearing Committee.