Futures Group Bans Bajan Trader

The National Futures Association (NFA) has permanently barred Kingz Capital Management Corporation (KCM) from membership. KCM was registered as a commodity trading advisor and commodity pool operator in Barbados, though its senior managers were based in Canada. NFA also banned David Krywenky, the firm’s principal, for 3 years. The decision, issued by an NFA panel, is based on a complaint filed last September and a settlement offer submitted by KCM and Krywenky. The complaint charged KCM and Krywenky with failure to uphold high ethical standards and failure to supervise, says the NFA. It also alleges cheating, defrauding or deceiving another person, or attempting to do so. Kingz Capital Investments purportedly traded forex, starting in late 2008, when it claimed $330m in assets, dropping to $284m by last June, says the NFA. Following a 3-year ban, if Krywenky applies for associate NFA membership with any NFA member, he must pay a $25,000 fine. NFA is an independent provider of regulatory programs for futures markets.