The National Association of Futures United States (NFA) has ordered Revankar Consultancy LLC, a former NFA membership consultant, located in San Diego, California, not to apply for NFA or ACT again or to be mentioned as the head of a NFA member.
The NFA has also ordered Shailendra Revankar, the former linked person and the director of Revankar Consultancy, not applying for joining NFA, applying for the NFA Associate Membership or acting as the head of a NFA member.
The decisionIssued by the NFA (BCC) business committee, is based on a complaint issued by BCC and a settlement bid submitted by Revankar Consultancy and Revankar, in which they neither acknowledged nor refused allegations.
The complaint claimed that Revankar’s counseling and Revankar failed to observe high standards of commercial honor and just and fair trade authorities, failing to prioritize the interests of the participants in the group that were operating, violating the compliance rule 2-4.
The complaint also claimed that Revankar’s counseling caused the pool to make an inappropriate loan or progress of the pool assets, in violation of the NFA 2-45 compliance rule.
In addition, the complaint claimed that Revankar Consultancy received funds for the pool market in its name and not the pool name, brought assets and failed to distribute account statements to participants in the group, in violation of the NFA Compliance Rule 2-13 (A).
In its decision, BCC found that Revankar Consultancy and Revankar committed the violations mentioned above.