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September 18, 2015
NFA bars Houston, Texas firm RNS Holdings and its principal, Raja Michael Mawad, from membership
September 18, Chicago—National Futures Association (NFA) has permanently barred RNS Holdings LP (RNS), an NFA Member commodity pool operator, and Raja Michael Mawad (Mawad), the firm's sole associated person and firm principal, from NFA membership. In addition, RNS and Mawad are both barred from acting as principals of an NFA Member and must transfer the balance in a trading account under their control to a restitution fund at NFA.
Prior to the issuance of NFA's Complaint, NFA's Executive Committee took an emergency action, suspending RNS and Mawad from NFA membership for misappropriating pool participant funds.
The BCC found that RNS and Mawad misappropriated approximately $180,000 from the RNS Capital LP Fund. Specifically, beginning in 2009, Mawad used the Fund to pay for personal expenses such as jewelry, travel and restaurants. In addition, the BCC found that RNS and Mawad failed to comply with the terms of NFA's emergency action by attempting to withdraw, without NFA authorization, $50,000 from an account under their control.