The National Futures Association (NFA) has permanently barred commodity pool operator and commodity trading advisor Nord Capital Advisors and the firm’s principal Yakov Shlyapochnik, from membership.
In addition, Nord Capital and Shlyapochnik are both barred from acting as principals of an NFA Member and must pay a USD300,000 fine.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint authorised by the BCC and a settlement offer submitted by Nord Capital and Shlyapochnik.
The Complaint charged Nord Capital and Shlyapochnik with a failure to cooperate by refusing to provide NFA with books and records as requested.
Nord Capital's and Shlyapochnik's wilful refusal to produce the requested records prevented NFA from completing its examination. Such conduct on the part of Nord Capital and Shlyapochnik strikes at the heart of NFA's examination function, which depends upon the full cooperation of NFA Members and Associates in order to function effectively.
Nord Capital and Shlyapochnik were the subjects of an NFA enforcement action in July 2014 prohibiting them from soliciting or accepting funds, or placing trades and disbursing or transferring funds from customer accounts.
