The United States National Futures Association (NFA) has ordered Revankar Consultancy LLC, a former NFA Member commodity pool operator and commodity trading advisor located in San Diego, Calif., not to reapply for NFA membership or act or be listed as a principal of an NFA Member.

NFA has also ordered Shailendra Revankar, the former sole associated person and principal of Revankar Consultancy, not to apply for NFA membership, reapply for NFA associate membership, or act or be listed as a principal of an NFA Member.

The Decision, issued by NFA’s Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Revankar Consultancy and Revankar, in which they neither admitted nor denied the allegations.

The Complaint alleged that Revankar Consultancy and Revankar failed to observe high standards of commercial honor and just and equitable principles of trade by failing to prioritize the interests of participants in the pool they operated, in violation of Compliance Rule 2-4.

The Complaint also alleged that Revankar Consultancy caused the pool to make an improper loan or advance of pool assets, in violation of NFA Compliance Rule 2-45.

Further, the Complaint alleged that Revankar Consultancy received funds for the purchase of interests in the pool in its name rather than the pool’s name, comingled pool assets and failed to distribute account statements to pool participants, in violation of NFA Compliance Rule 2-13(a).

In its Decision, the BCC found that Revankar Consultancy and Revankar committed the violations alleged against them in the Complaint.