Spring Creek Capital LLC and its principle and associated person John V. Legittino were ordered to withdraw immediately from NFA membership, and prohibited from reapplying for NFA membership ever again. Spring Creek Capital, a Chicago-based Introducing Broker (IB), was charged on May 12th with allowing unregistered persons to solicit business on its behalf. The firm settled the suit quickly.
Yesterday’s complaint alleges that Spring Creek Capital used three unregistered individuals (William M. Stephens, William R. Howell, and Paul F. Connors) as associated persons to solicit customers. Legittino, the firm’s only registered principle and associated person, hired and paid the three in excess of $3 million.
