NFA Orders Dorset Fund Management LLC and Michael Dubin to Withdraw
Summary
NFA has ordered Dorset Fund Management LLC, an NFA Member commodity pool operator in Greenwich, Connecticut, and 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 based on a Complaint from NFA's Business Conduct Committee alleging multiple violations including failure to maintain required records, distribute complete account statements, timely file pool reports, report a principal, permit an unregistered AP, cooperate with NFA, and supervise. Both Dorset and Dubin neither admitted nor denied the allegations as part of a settlement offer.
Commodity pool operators and their principals should use this action as a compliance touchstone for NFA's recordkeeping, reporting, and supervision obligations. Specific areas to review include timely filing of pool reports (Rule 2-46), complete account statement distribution to pool participants (Rule 2-13), principal reporting within required timeframes (Rule 208), ensuring all associated persons are properly registered as NFA Associates before acting in that capacity (Bylaw 301), and maintaining full cooperation with NFA examinations and inquiries (Rule 2-5).
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What changed
NFA ordered Dorset Fund Management LLC and its principal Michael Dubin to permanently withdraw from NFA membership and principal status, effectively barring them from operating as a commodity pool operator in the futures industry. The Hearing Panel's decision, based on a BCC Complaint and settlement offer, found violations of NFA Compliance Rules 2-13 and 2-46 (recordkeeping, statements, pool reports), NFA Registration Rule 208 (principal reporting), NFA Bylaw 301 (unregistered associated person), NFA Compliance Rule 2-5 (failure to cooperate), and NFA Compliance Rule 2-9 (failure to supervise). Commodity pool operators and their principals should review their compliance with NFA's recordkeeping, reporting, and supervision requirements, ensuring timely filing of pool reports, proper principal disclosures, and appropriate supervision of all associated persons.
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Apr 25, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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- Show more years For Immediate Release March 10, 2026
For more information contact:
Christie von Ohlen, 312-781-1497, cvonohlen@nfa.futures.org
Joseph McCarthy, 312-781-1357, jmccarthy@nfa.futures.org
NFA orders Connecticut-based Dorset Fund Management LLC to withdraw from and not reapply for NFA membership
March 10, Chicago—NFA has ordered Dorset Fund Management LLC (Dorset), an NFA Member commodity pool operator in Greenwich, Conn., to withdraw from, and not reapply for, NFA membership or principal status. NFA has also ordered Michael Dubin (Dubin), a principal and associated person of Dorset, to withdraw from, and not reapply for, NFA membership or principal status.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint issued by NFA's Business Conduct Committee (BCC) and a settlement offer submitted by Dorset and Dubin, in which they neither admitted nor denied the allegations in the Complaint.
Among other charges, the BCC alleged in its Complaint that Dorset failed to maintain required records, distribute complete account statements to pool participants and timely file pool reports with NFA, in violation of NFA Compliance Rules 2-13 and 2-46; failed to timely report an individual as a principal of the firm, in violation of NFA Registration Rule 208; permitted an unregistered individual to act as an AP without being an NFA Associate, in violation of NFA Bylaw 301; and failed to cooperate promptly and fully with NFA, in violation of NFA Compliance Rule 2-5. Finally, the BCC alleged Dorset and Dubin failed to supervise, in violation of NFA Compliance Rule 2-9.
The complete text of the Complaint and Decision can be viewed on NFA's website.
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