In two separate actions the NFA has effectively shut down two separate Commodity Pool Operators who were operating in the Northeast. The press releases are reprinted below.
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For Immediate Release
NFA takes emergency enforcement action against New York commodity pool operator
February 9, Chicago – National Futures Association (NFA) announced today, that it has taken an emergency enforcement action against Mark E. Bloom, a Commodity Pool Operator (CPO) located in New York City. Bloom has failed to cooperate with NFA in its investigation of allegations that Bloom and North Hills Management, LLC, operated an illegal commodity pool, and exercised unlawful control over $8 million which was given to them by a charitable trust and a corporation owned by that trust for the purpose of making investments on their behalf. North Hills Management, LLC is a former CPO and Commodity Trading Advisor Member of NFA of which Bloom was principal. The Member Responsibility Action (MRA) is deemed necessary to protect the commodity futures markets, pool participants, customers and other NFA Members.
Effective immediately, the MRA suspends Bloom from NFA membership and associate membership indefinitely. The MRA also prohibits Bloom from soliciting or accepting any customer or pool participant funds or placing trades for pools that he operates. Additionally, Bloom and any other person acting on his behalf, is prohibited from disbursing or transferring any funds from any accounts which he owns or controls without prior approval from NFA. NFA Members who carry accounts in the name of, controlled by or advised by Bloom are prohibited from disbursing funds to Bloom or to any entity or account controlled by him without prior NFA approval. The MRA provides that it will remain in effect until such time Bloom has demonstrated to NFA that he is in complete compliance with all NFA Requirements. Bloom may request a hearing before an NFA Hearing Panel.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
For more information contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]
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For Immediate Release
NFA bars New Jersey commodity pool operator
February 9, Chicago – National Futures Association (NFA) has ordered Progressive Investment Funds (Progressive), a Commodity Pool Operator located in Glenrock, New Jersey, to withdraw from NFA membership and not reapply. Victor E. Cilli, Progressive’s sole principal, also agreed to withdraw from NFA membership. If Cilli reapplies for NFA membership in the future, his application will be subject to certain conditions, including a requirement that he pay a $10,000 fine. The Decision, issued by an NFA Hearing Panel, is based on a Complaint filed in August 2008 and a settlement offer submitted by Progressive and Cilli.
The Complaint charged that Progressive and Cilli had failed to produce certain books and records requested by NFA as part of an inquiry relating to a pool operated by Progressive. NFA previously issued a Member Responsibility Action against Progressive and Cilli in June 2008. See previous press release.
NFA is the premier independent provider of innovative and efficient regulatory programs that safeguard the integrity of the futures markets.
For more information contact:
Larry Dyekman (312) 781-1372, [email protected]
Karen Wuertz (312) 781-1335, [email protected]
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