Principals & team.

Nathaniel Richer is the Trading Principal and Head of Trading of Saratoga Capital Advisors. He oversees live trading, execution discipline, and trading risk for the Tactical Alpha Futures program, operating from the systematic signals generated by the quantitative development team. He brings nearly 30 years of institutional trading experience across derivatives, macro-driven strategies, and non-linear risk structures.

He previously served as an Executive Director at J.P. Morgan, where he managed the firm's global crude oil swaps and options portfolio — overseeing risk, pricing, and strategy across complex derivatives markets. His career includes senior trading roles at Harris Bank (BMO), BNP Paribas, and Bank of America, specializing in commodities, options, and structured products.

At Saratoga, Nathaniel focuses on disciplined trade execution, trading-risk supervision, and implementation of the program's systematic trading process.

He holds a B.S. in Finance from the Robert H. Smith School of Business at the University of Maryland and an M.S.A. from the University of Connecticut.

Michael Fragomeni leads the program's trading systems, signal generation, and execution architecture. He has more than a decade of experience in systematic trading, quantitative research, and financial technology.

Michael co-designed and built a high-performance colocation environment at the Equinix NY4 data center — a 100-server architecture with multi-petabyte storage and a 100GbE networking backbone supporting ultra-low-latency market data processing and execution. He is the founder of F2 Tech LLC, a financial-technology firm focused on market infrastructure and algorithmic trading systems.

Earlier, he held trading and quantitative research roles at T3 Trading Group and Quasar Trading, focusing on short-term systematic strategies and market structure analysis. His work spans real-time data systems, backtesting frameworks, and execution architecture for high-performance trading environments.

He holds a B.S. in Finance from Siena College and studied Mechanical and Aerospace Engineering at the State University of New York at Buffalo.

Alex Dubelko is the Managing Principal and Head of Operations of Saratoga Capital Advisors. He runs the day-to-day business of the firm — client onboarding, launch coordination, reporting, service providers, and capital formation — and works daily with the firm's principals, traders, and Chief Compliance Officer.

Prior to joining Saratoga, Alex was a Senior Product Manager at TradeStation, an online brokerage serving active equities, options, and futures traders. He led the firm's new mobile trading platform from inception through public launch and led web platform development, including client activation — the steps that take a new account from opening to first trade.

Alex founded Summit Analytics, an AI product and operations consultancy serving clients in financial technology and media. He began his career in finance as a private equity analyst at Breakwater Management, with earlier roles at Cheviot Value Management, a value-oriented investment manager with more than $1 billion in assets under management, and at Imperial Capital, a full-service investment bank.

He holds a B.A. from Seattle University.

Anthony V. Ranni is a Principal and the Chief Compliance Officer of Saratoga Capital Advisors. He has 40 years of experience in the futures industry, including compliance oversight of more than 45 commodity trading advisors.

Anthony leads the firm's compliance program and its CFTC and NFA regulatory administration: registration, Regulation 4.7 exemption administration, review of marketing and promotional material, and books and records.

Jim Ferguson is the Systems Architect of Saratoga Capital Advisors, with more than 30 years of experience building low-latency market data and trading systems. Beginning in the 1980s, he developed early stock market terminals and analytics platforms delivering real-time market intelligence to institutional trading desks.

He has architected high-performance market data and execution systems designed for deterministic, low-latency operation — including processing engines capable of handling the full U.S. equities and options markets in real time. His systems have been deployed at banks, hedge funds, and proprietary trading firms globally, and his work in latency-sensitive data processing contributed to the evolution of modern trading infrastructure.

He is the founder of SSE Innovations Group, Inc., where he continues to focus on advanced trading systems and market data engineering.

Ahren Stephens is the Head of Capital Formation & Investor Relations of Saratoga Capital Advisors and leads client development for the Tactical Alpha Futures program. He manages qualified eligible person introductions, intake from first conversation through account opening, and ongoing investor relationship management. His approach is compliance-first and suitability-minded: discovery, then education, then a clear next step.

Ahren has more than 25 years of client-facing experience across the futures, foreign exchange, equities, and commodity markets, and has traded S&P 500 futures and currencies for his own account since 1999.

Before joining Saratoga, Ahren founded and ran Luntar Capital, a rules-based trading advisory focused on disciplined strategy execution and client education in risk management and diversification. He was previously a senior market educator, trainer, and trading coach with Eagle Financial Publications, and earlier served as the technical analyst for a commodity pool operator and as a senior portfolio manager at Managed Capital Advisory Group in New York.

Ahren has passed the Series 3, Series 30, and Series 34 examinations. His registration as an Associated Person of the advisor is in process.