The US National Futures Association (NFA) has ordered Rimar Capital LLC, an NFA Member commodity trading advisor based in Burlingame, California, and Itai Royi Liptz, an associated person (AP) and principal of Rimar Capital, and an NFA Associate to withdraw from and not reapply for NFA membership and master’s status for 30 months.
If either Rimar Capital or Liptz seek NFA membership or master status after the 30-month period, they must pay a $90,000 fine.
The Ruling, issued by the NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by BCC and a settlement offer submitted by Rimar Capital and Liptz in which they neither admitted nor denied the allegations in the Complaint.
In its decision, the BCC found that Rimar Capital and Liptz failed to adhere to high commercial price standards and fair and equitable trading principles before client accounts, used misleading and deceptive communications with potential clients and failed to supervise the activities of and employees.
The BCC also found that Rimar Capital allowed an individual to act as an AP without being registered in that capacity.