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Matthias Knab, Opalesque for New Managers: The National Futures Association (NFA) has permanently barred Dorset Fund Management LLC (Dorset) and its principal Michael Dubin from NFA membership following a settlement of multiple compliance violations, according to a Decision issued by an NFA Hearing Panel on March 10, 2026.
Dorset, a commodity pool operator based in Greenwich, Connecticut, and Dubin, a principal and associated person (AP) of the firm, have been ordered to withdraw from NFA membership within 15 days of the Decision's effective date and are prohibited from reapplying for NFA membership or acting as a principal of any NFA Member at any time in the future.
Five Counts of Violations
The action stems from a Complaint issued by NFA's Business Conduct Committee (BCC) on December 19, 2024, which laid out five separate counts against the respondents.
Count I alleged that Dorset failed to maintain required records, distribute complete account statements to pool participants, timely file pool reports with NFA, and submit a disclosure document to NFA for review and acceptance - violations of NFA Compliance Rules 2-13(a) and 2-46.
Count II charged Dorset with failing to timely report an individual as a principal of the firm, in violation of NFA Registration Rule 208, and separately permitting an unregistered individual to act as an AP without holding NFA Associate sta...................... To view our full article Click here
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