; LACM settles with NFA
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LACM settles with NFA

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Last Atlantis Capital Management (LACM) and principal Irwin Berger (IB) has agreed to withdraw its National Futures Association (NFA) membership in a settlement of a complaint charging the firm and Berger with numerous NFA reporting violations. In August of 2007, IB filed an arbitration claim with the Financial Industry Regulatory Authority against LACM and Petra alleging that they entered into illegal "wash trades" for the purpose of generating payment for order flow (PFOF) rebates. According to LACM's response to the complaint, its broker had a contractual agreement with IB regarding PFOF generated from LACM's trading activity.

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