NFA ACTION: Carlo Scevola

The NFA issued a Complaint charging Carlo Scevola, a commodity trading advisor (CTA) located in London, England, with failing to cooperate with NFA in its inquiry of his operations and his performance claims, of representing to a participant in Resolute Capital Growth Fund Ltd. that the fund had lost all of its money due to a defaulting broker when, in fact, most of its losses were due to trading losses, and of providing false and misleading information to NFA.

The NFA commenced an inquiry into Scevola’s operations based on information that a former Lake Shore Asset Management Limited principal, Laurence Rosenberg, was affiliated with Scevola and Resolute Capital. Lake shore had been previously barred from NFA membership after misappropriating more than $11 million of participant’s money.

On December 14, 2009, Mitchell filed an Answer to the Complaint in which he denied the material allegations contained therein.

On May 17, 2010, a NFA Hearing Panel issued a Decision accepting Scevola’s settlement offer and permanently barred him from NFA membership, associate membership and principal status with any NFA Member.

About The Author

Felix Shipkevich

Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.