The US National Futures Association (NFA) has ordered Dorset Fund Management LLC, an NFA Member commodity pool operator in Greenwich, Conn., to withdraw from, and not reapply for, NFA membership or principal status.

NFA has also ordered Michael Dubin, a principal and associated person of Dorset, to withdraw from, and not reapply for, NFA membership or principal status.

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 Dorset and Dubin, in which they neither admitted nor denied the allegations in the Complaint.

Among other charges, the BCC alleged in its Complaint that Dorset failed to maintain required records, distribute complete account statements to pool participants and timely file pool reports with NFA, in violation of NFA Compliance Rules 2-13 and 2-46; failed to timely report an individual as a principal of the firm, in violation of NFA Registration Rule 208; permitted an unregistered individual to act as an AP without being an NFA Associate, in violation of NFA Bylaw 301; and failed to cooperate promptly and fully with NFA, in violation of NFA Compliance Rule 2-5.

Finally, the BCC alleged Dorset and Dubin failed to supervise, in violation of NFA Compliance Rule 2-9.