The National Futures Association ordered Dorset Fund Management LLC, a Greenwich, Connecticut-based NFA Member commodity pool operator, to withdraw from NFA membership and not reapply. The order also requires Michael Dubin, a principal and associated person of Dorset, to withdraw from and not reapply for NFA membership or principal status. The decision was issued by an NFA Hearing Panel and was based on a complaint from NFA’s Business Conduct Committee and a settlement offer submitted by Dorset and Dubin in which they neither admitted nor denied the allegations. The complaint alleged recordkeeping failures, incomplete account statements to pool participants, and untimely pool reports (NFA Compliance Rules 2-13 and 2-46), failure to timely report a principal (NFA Registration Rule 208), permitting an unregistered individual to act as an associated person (NFA Bylaw 301), failure to cooperate promptly and fully (NFA Compliance Rule 2-5), and failure to supervise (NFA Compliance Rule 2-9).
National Futures Association 2026-03-10
National Futures Association orders Dorset Fund Management and principal Michael Dubin to withdraw and not reapply for membership
The National Futures Association (NFA) has ordered Dorset Fund Management LLC and its principal, Michael Dubin, to withdraw from NFA membership and not reapply, following a settlement offer. The NFA Hearing Panel's decision was based on allegations of recordkeeping failures, incomplete account statements, untimely reports, and other compliance violations. Dorset and Dubin neither admitted nor denied the allegations.