NFA Takes Emergency Enforcement Action against New York CTA That Cannot Account for Customer Funds

The NFA announced that it has taken an emergency enforcement action against SK Madison, LLC ("SK Madison"), a New York-based commodity trading advisor ("CTA"), and Michael James Seward, its sole principal and associated person ("AP").

The NFA has taken the Member Responsibility Action ("MRA") and Associate Responsibility Action ("ARA") to protect customers of SK Madison since the firm and Seward cannot account for at least $900,000 in the SK Madison Commodities LLC Fund's ("SK Pool") participants' funds. The MRA/ARA will remain in effect until such time as SK Madison and Seward have demonstrated to the satisfaction of NFA that the firm is in complete compliance with all NFA Requirements.

Click here to view NFA Press Release (links externally to NFA website).