The National Futures Association (NFA) has permanently barred Arjent Capital Advisors LLC (ACA), a commodity pool operator, and Chicago Trading Managers LLC (CTM), a commodity pool operator and commodity trading advisor, located in Boulder, Colorado.

NFA also barred Spencer K Montgomery, the firms' principal, from NFA membership for three years. The Decision, issued by NFA's Hearing Panel, is based on a Complaint filed on 12 March, 2012 and a settlement offer submitted by ACA, CTM and Montgomery.

The Panel found that ACA, CTM and Montgomery failed to observe high standards of commercial honor and just and equitable principles of trade while operating their pools and that they also willfully made false reports to customers in that they provided their customers with false trading statements which concealed negative capital balances in the pools' trading accounts. In addition, the Panel found ACA and CTM failed to file an exemption notice, a disclosure document or annual financial statement for the pools with NFA and failed to furnish participants in the pool with a financial statement.