National Futures Association (NFA) has ordered commodity pool operator Belvedere Asset Management to permanently withdraw from NFA membership.

NFA also has ordered the firm's chief executive officer, principal and associated person (AP), Keith D Pagan, to withdraw from NFA membership for a period of five years.
 
The decision, issued by NFA's Business Conduct Committee, is based on a complaint filed on 30 June 2014 and a settlement offer submitted by Belvedere and Pagan.
 
The committee found that Belvedere and Pagan failed to reimburse the Belvedere Alternative lncome Fund (BELIX), a commodity pool that Belvedere operated, for excess expenses as required under the terms of an agreement with BELIX and, as a result, received de facto advances of pool assets.
 
In addition, the committee found that Belvedere and Pagan wilfully provided misleading information to NFA regarding Belvedere's financial solvency and a USD150,000 loan Belvedere received from an entity controlled by Jonathan M Hansen, who is the subject of an Associate Responsibility Action issued by NFA.
 
Additionally, the complaint charged Belvedere with permitting an unregistered individual to act as an AP of the firm, and Belvedere and Pagan with failing to supervise.