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October 29, 2019
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NFA bars Wichita, Kansas commodity pool operator Plutus Capital Management LLC from membership
October 29, Chicago—NFA has permanently barred Plutus Capital Management LLC (Plutus), an NFA Member commodity pool operator located in Wichita, Kansas, from membership and from acting as a principal of an NFA Member. NFA also ordered Mark E. Philips, Plutus' sole associated person and principal, to withdraw from NFA membership and as a principal of Plutus and not reapply for membership or act as a principal of an NFA Member for one year. Philips must pay a $25,000 fine if he seeks NFA membership or principal status after his one-year membership bar.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee (BCC), and a settlement offer submitted by Plutus and Philips. The Complaint alleged that Plutus and Philips took excess withdrawals and improper redemptions from the Plutus Venture Fund, LP (Fund), a commodity pool operated by Plutus, and improperly allocated start-up expenses to the Fund instead of Plutus. The Complaint also alleged that Plutus and Philips, among other things, provided misleading information to NFA, failed to promptly respond to NFA's requests for records, and failed to maintain required records.
For more information, read the Complaint and Decision.