For Release: February 12, 2008
CFTC Amends Charges Against Nations Investments, LLC and its Principals; Violations Include Undercapitalization and False Statements
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) filed an amended complaint charging Florida-based Nations Investments, LLC and its principals, Sulaiman “Sal” Husain and his son, Mansur “Manny” Husain, with operating while undercapitalized by $1 million and for making false statements.
The original complaint was filed against Nations Investments in the U.S. District Court for the Southern District of Florida on August 28, 2007 (see CFTC News Release, 5380-07, September 5, 2007). The amended complaint adds as defendants Sal Husain, who was a relief defendant in the original complaint, and Manny Husain. The amended complaint also adds as relief defendants: Lalita Husain, the spouse of Sal Husain, and Rosalind Goldman, the spouse of original relief defendant Sammy Goldman.
Nations Investments is a registered futures commission merchant (FCM) based in Fort Lauderdale, Florida. Sal and Lalita Husain reside in Southwest Ranches, Florida; Manny Husain resides in Davies, Florida; and Rosalind and Sammy Goldman reside in Delray Beach, Florida.
The amended complaint charges Nations Investments, Sal Husain, and Manny Hussain with, in July 2007, operating $1 million below the minimum net capital requirements for FCMs, in violation of the Commodity Exchange Act (CEA) and CFTC regulations.
The amended complaint also charges the defendants with violating the CEA and CFTC regulations by filing false and misleading statements with the National Futures Association (NFA). Specifically, the amended complaint alleges that the defendants failed to disclose a $1 million liability in required monthly financial reports known as 1-FR-FCMs that FCMs are required to file with the NFA.
The CFTC coordinated its investigation with, and was assisted by, the NFA.
The following CFTC Division of Enforcement staff members are responsible for this matter: John Dunfee, Luke Marsh, Eugene Smith, Ken Koh, Mary Kaminski, Paul Hayeck, and Joan Manley.
Last Updated: February 12, 2008