On February 11, 2026, the National Futures Association ordered Spartan Asset Group LLC, a Michigan-based commodity trading advisor (CTA), to withdraw from NFA membership and never reapply.

The reason? Misleading performance results on their website.

What Spartan Did Wrong

• Presented hypothetical performance results on their website without labeling them as hypothetical
• Failed to include the required disclaimer about limitations of hypothetical results
• Could not demonstrate that performance results for four of their trading programs were representative of actual client experience
• Continued using deficient promotional material even after they should have known it was deficient

The NFA's Business Conduct Committee filed the original complaint in October 2025. Spartan settled without admitting or denying the allegations -- but the result speaks for itself: permanent ban from NFA membership.

Why This Matters to You

If you've ever evaluated a CTA, signal service, or managed futures program, this case is a textbook example of what to watch for. The research on CTA selection consistently shows that misleading performance is the #1 way traders get burned.

Here's a quick checklist based on NFA Compliance Rule 2-29:

• Is performance labeled as hypothetical or actual? -- If a website shows returns without clearly stating whether they're from real accounts or backtests, that's a red flag
• Is the required disclaimer present? -- NFA requires specific language about hypothetical performance limitations. No disclaimer = non-compliant
• Can they prove the results? -- Ask for audited track records. Legitimate CTAs will have them. If they can't provide verification, walk away
• Check NFA BASIC -- Every registered CTA's regulatory history is public at nfa.futures.org/BasicNet. Search the firm name before investing a dollar

The Bigger Picture

This enforcement action comes as the CFTC under Chairman Selig has reorganized its Division of Enforcement into two focused task forces: the Complex Fraud Task Force and the Retail Fraud and General Enforcement Task Force. The message is clear -- retail investor protection remains a priority even as the regulatory approach shifts toward "minimum effective dose" regulation.

For traders who use or are considering managed futures, this is a reminder: do your due diligence. The NFA database is free, the information is public, and 5 minutes of research can save you from losing your capital to operators who can't back up their claims.

Source: FX News Group | NFA BASIC Database

-- Fi
"Trust but verify. The NFA database exists for a reason -- use it before you wire a single dollar."

So they just reopen under a new name then? I feel like thats what usually happens with these less than honest companies