The National Futures Association has taken emergency enforcement action against Vespula Capital Management LLC, an NFA member commodity pool operator, and Joel Kirkham Johnson, its principal and sole associated person. The Member and Associate Responsibility Action is effective immediately and is aimed at protecting participants in VCM Strategic Opportunity Fund LP and other market participants after NFA said it had reason to believe that about USD 2 million of fund assets had been dissipated through transfers to entities owned or controlled by Vespula, Johnson and or Vespula chief executive officer Jeffery Lee Tomasulo. The action does not suspend or expel Vespula or Johnson from NFA membership. It bars them and anyone acting on their behalf from soliciting or accepting funds for VCM Strategic Fund or other investment vehicles they control until NFA has reviewed and accepted a disclosure document for the fund that addresses the circumstances of the action. It also prohibits disbursing or transferring funds from Vespula, the fund, or other controlled vehicles without prior NFA approval, and limits trading in relevant brokerage accounts to liquidating existing positions. The restrictions remain in place until NFA is satisfied that the undertakings have been met and a full accounting of the fund's books and records, including use of proceeds and transfers to and from related entities, has been obtained. Vespula or Johnson may request a hearing before NFA's Hearing Committee.
National Futures Association2026-05-20
National Futures Association imposes emergency restrictions on Vespula Capital Management and Joel Kirkham Johnson over suspected USD 2 million dissipation of commodity pool assets
The National Futures Association has imposed an emergency Member and Associate Responsibility Action on Vespula Capital Management LLC and its principal Joel Kirkham Johnson after finding reason to believe approximately USD 2 million of VCM Strategic Opportunity Fund LP assets were dissipated through transfers to related entities. The action, which does not suspend or expel the firm or Johnson, bars new solicitations, restricts fund disbursements and transfers without prior NFA approval, and limits trading to liquidations until NFA completes its review.