The NFA has taken emergency action against SureInvestment, LLC and Cosby Wood. SureInvestment, a registered Commodity Pool Operator (“CPO”) and Commodity Trading Advisor (“CTA”), and Wood, the firm’s Associated Person (“AP”) and principal, are suspended from NFA membership until further notice.
The NFA launched an investigation of SureInvesment following an action taken by the United Kingdom’s Financial Services Authority (“FSA”) against Benjamin Wilson, another SureInvestment AP. According to the NFA, throughout the investigation Wood and principal Tim Hirt not only failed to cooperate with the Assocation, they misled the auditors.
SureInvestment’s records show that it collected $4.3 million from capital investors and $1.5 million from commodity pool investors. However the NFA states that it can only account for approximately $1.1 million – all losses – from that $6 million that the CPO and CTA took. Accordingly, the NFA has issued a Member Responsibility Action and an Associate Responsibility action preventing SureInvestment, Wood, or any other person working on the firm’s behalf from disbursing or transferring funds without prior NFA approval.
Read more about this NFA enforcement action.
photo credit: Jason Rojas