NFA - National Futures Association

03/10/2026 | Press release | Distributed by Public on 03/10/2026 12:55

DECISION IN DISCIPLINARY CASES (Dorset Fund Management LLC and Michael Dubin)

Case Documents:

Amended Answer Amended Complaint Amended Decision Amended Notice Of Intent Amended Notice Of Member Responsibility Action Answer Appeals Committee Decision Cftc Decision Cftc Order Circuit Court Appeal Complaint Decision Federal Court Order Final Order Interim Order Nfa Reply Notice Notice And Order Lifting Member Responsibility Action Notice And Order Lifting Suspension Of Membership Notice And Order Of Suspension Notice Of Appeal Notice Of Associate Responsibility Action Notice Of Intent Notice Of Member Responsibility Action Notice Of Suspension Of Membership Notice Of Termination Of Ara Notice Of Termination Of Member Responsibility Action Order Order Denying Petition Order Lifting Conditions Order Of Dismissal Petition To Stay Response To Amended Notice Of Intent Response To Notice Of Intent Withdrawal Of Notice Of Intent

Narrative Summary:

COMPLAINT:

On December 19, 2024, NFA's Business Conduct Committee (BCC) issued a Complaint against Dorset Fund Management LLC (Dorset) and Mich... ael Dubin (Dubin). The Complaint charges Dorset with failing to create and maintain required records, distribute complete account statements, timely file pool reports, and submit a disclosure document to NFA for review and acceptance. The Complaint also charges Dorset with failing to timely report a principal of the firm, permitting an unregistered individual to act as associated person without being an NFA Associate, using deficient promotional materials and failing to cooperate promptly and fully with NFA. In addition, the Complaint charges Dorset and Dubin with failing to supervise.


ANSWER TO COMPLAINT:

On February 14, 2025, Dorset and Dubin filed an Answer to the Complaint.

DECISION:

On March 10, 2026, NFA's Hearing Panel issued a Decision, pursuant to a settlement offer, and ordered Dorset to withdraw from and not reapply for NFA membership or act or be listed as a principal of an NFA Member at any time in the future. The Hearing Panel ordered Dubin to withdraw from NFA associate membership and principal status and not apply for NFA membership, or reapply for NFA associate membership, or act or be listed as a principal of an NFA Member at any time in the future. Read More.

Rule Type:

  • BLAW301(b) - REGISTRATION OF APS AS ASSOCIATES
  • C.R.2-13 - RECORDKEEPING FOR CPOS/CTAS
  • C.R.2-29(d) - WRITTEN PROCEDS TO SUPERVISE 2-29
  • C.R.2-5 - FAILURE TO COOPERATE W/ NFA
  • R.R.208 - CHANGES REQUIRING NEW REGISTRATION
  • C.R.2-9(a) - SUPERVISION OF EMPLOYEES
  • C.R.2-46 - CPO QUARTERLY REPORTING REQUIREMENTS
  • C.R.2-29(b) - CONTENT OF PROMOTIONAL MATERIAL

Committee:

  • Business Conduct Committee
  • Hearing Committee

Action Type(s):

  • GENERAL CONDUCT
  • REGISTRATION
  • SALES PRACTICE

Penalty/Event:

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