NFA orders Golden Point Capital Management to withdraw from membership
Golden Point and its principal Glenn Graham failed to cooperate promptly and fully with NFA during its 2018 examination of Golden Point.
The United States National Futures Association (NFA) has ordered Golden Point Capital Management LLC, a commodity pool operator and commodity trading advisor located in Chicago, and its sole principal and associated person Glenn Graham, to both withdraw from and not reapply for NFA membership, in any capacity, or act as a principal of an NFA Member.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA’s Business Conduct Committee (BCC), and a settlement offer submitted by Golden Point and Graham. The Complaint alleged that Golden Point and Graham failed to cooperate promptly and fully with NFA during its 2018 examination of Golden Point.
Throughout NFA’s examination, Graham was slow in producing documents and information requested by NFA, and in late May 2018, he stopped co-operating altogether. The respondents failed to co-operate with the CFTC too.
In June 2018, NFA issued an emergency enforcement action against Golden Point and Graham, which suspended them from NFA membership and prohibited them from disbursing or transferring any funds without NFA’s prior approval. This action was taken to protect pool participants and customers because of Golden Point and Graham’s failure to cooperate with NFA.
As a result of Golden Point and Graham’s lack of cooperation, NFA was unable to determine if the funds Graham withdrew from the pool operated by Golden Point and sent to either himself, Golden Point or family members were legitimate redemptions.