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Alternative Market Briefing

Monsoon Capital and principal barred from NFA membership

Monday, August 10, 2020

B. G., Opalesque Geneva:

NFA, the self-regulatory organisation for the U.S. derivatives industry, has barred Gautam Prakash from reapplying for membership or principal status with any NFA member for seven years. Prakash was a principal of former CTA and CPO Monsoon Capital LLC, based in Bethesda, Maryland.

NFA also ordered Monsoon to not reapply for membership or apply for principal status with any NFA member for two years.

The decision is based on a complaint issued by NFA's Business Conduct Committee and a settlement offer submitted by Monsoon and Prakash.

The complaint alleged that Monsoon and Prakash submitted false and inflated reimbursement requests for travel expenses between 2015 and 2018, and improperly used pool assets for a personal securities transaction. The complaint also alleged that Monsoon, in 2017, arranged a $1 million loan from its pools to itself, which proceeds were then transferred to Prakash's personal bank account for a personal securities transaction.

In March 2019, Monsoon's office manager identified irregularities in the documentation Prakash had submitted for reimbursement of travel expenses and brought the matter to the attention of Monsoon's COO, the complaint says. The office manager and the COO conducted a further review of Prakash's expen......................

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