The Commodity Futures Trading Commission (CFTC) today announced it commenced actions to revoke the registrations of Purvesh Mankad, and his affiliated entities CTAX Partners, LLC and CTAX Series, LLC.
The CFTC’s actions are based on the injunctions entered and findings made by the U.S. District Court for the District of Arizona in CFTC v. Mankad.
The court found that each violated antifraud provisions of the Commodity Exchange Act (CEA).
CTAX Partners, CTAX Series, and Mankad have been registered with the CFTC as an introducing broker, a commodity pool operator, and an associated person of CTAX Partners and CTAX Series, respectively, since 2013.
The CFTC’s Notice of Intent states their registrations should be revoked because they were all found to have engaged in, among other things, fraud and misappropriation, in violation of the CEA, and were permanently enjoined from acting in their respective registered capacities.
