NFA - National Futures Association

26/07/2024 | Press release | Archived content

DECISION IN DISCIPLINARY CASES (Richard Alexander Acosta)

Case Documents:

Amended AnswerAmended ComplaintAmended DecisionAmended Notice Of IntentAmended Notice Of Member Responsibility ActionAnswerAppeals Committee DecisionCftc DecisionCftc OrderCircuit Court AppealComplaintDecisionFederal Court OrderFinal OrderInterim OrderNfa ReplyNoticeNotice And Order Lifting Member Responsibility ActionNotice And Order Lifting Suspension Of MembershipNotice And Order Of SuspensionNotice Of AppealNotice Of Associate Responsibility ActionNotice Of IntentNotice Of Member Responsibility ActionNotice Of Suspension Of MembershipNotice Of Termination Of AraNotice Of Termination Of Member Responsibility ActionOrderOrder Denying PetitionOrder Lifting ConditionsOrder Of DismissalPetition To StayResponse To Amended Notice Of IntentResponse To Notice Of IntentWithdrawal Of Notice Of Intent

Narrative Summary:

COMPLAINT:

On November 16, 2023, NFA's Business Conduct Committee (BCC) issued a Complaint against Bit5ive Mining Fund Advisor LLC (Bitfive Adv... isor) and Richard A. Acosta (Acosta). The Complaint charges Bit5ive Advisor and Acosta with willfully submitting materially false or misleading information to NFA and failing to cooperate promptly and fully with NFA. The Complaint also charges Bitfive with failing to timely file quarterly and annual pool reports with NFA and failing to list two individuals as principals of Bitfive.

ANSWER TO COMPLAINT:

On February 12, 2024, Acosta filed an Answer to the Complaint.

DECISION:

On July 26, 2024, NFA's Hearing Panel issued a Decision, pursuant to a settlement offer, ordering Acosta not to apply for NFA membership or reapply for NFA associate membership for five years, and not act as a principal of an NFA Member for seven years. The Hearing Panel further ordered Acosta to pay a $10,000 fine, if after the expiration of the periods referenced above, he again applies for NFA membership, NFA associate membership, or principal status with an NFA Member.Read More.

Rule Type:

  • C.R.2-5 - FAILURE TO COOPERATE W/ NFA
  • C.R. 2-2(f) - INACCURATE INFORMATION TO NFA/AGENTS

Committee:

  • Business Conduct Committee
  • Hearing Committee

Action Type(s):

  • GENERAL CONDUCT

Penalty/Event:

  • TEMPORARY WITHDRAWAL FROM NFA MEMBERSHIP
  • TEMPORARY WITHDRAWAL FROM NFA ASSOCIATE MEMBERSHIP
  • TEMPORARY WITHDRAWAL FROM PRINCIPAL STATUS
  • FINE (CONTINGENT) $10,000