Black Dragon Capital Investment Management, Inc.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
318634
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
BLACK DRAGON CAPITAL, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. SECURITIES AND EXCHANGE COMMISSION.
2.
Principal Sanction:
Injunction
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/23/2021
 Exact
 Explanation
If not exact, provide explanation:
INITIAL SUBPOENA FOR INFORMATION RECEIVED BY BLACK DRAGON ON NOVEMBER 23, 2021.
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
PRIVATE FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON SEPTEMBER 25, 2024, A FINAL JUDGMENT WAS ENTERED BY CONSENT AGAINST BLACK DRAGON CAPITAL, LLC AND BLACK DRAGON CAPITAL
INVESTMENT MANAGEMENT (COLLECTIVELY, "BLACK DRAGON CAPITAL"), PERMANENTLY ENJOINING THEM FROM FUTURE VIOLATIONS OF SECTION
203(A) OF THE ADVISERS ACT, SECTION 204 OF THE ADVISERS ACT AND RULES 204(B)-1(A) AND 204-2(A)(16) THEREUNDER, SECTION 204A OF THE
ADVISERS ACT AND RULE 204A-1 THEREUNDER, AND SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-1(A)(6), 206(4)-7, AND 206(4)-8
THEREUNDER. THE COMMISSION'S COMPLAINT ALLEGED THAT BLACK DRAGON CAPITAL FAILED TO REGISTER AS INVESTMENT ADVISERS UNTIL APRIL
2024, FAILED TO FILE A REPORT ON THE COMMISSION'S FORM PF, VIOLATED THE COMMISSION'S MARKETING RULE THROUGH THEIR USE OF CERTAIN
PERFORMANCE DATA ON THEIR WEBSITE, AND INCLUDED AN UNSUPPORTED PERFORMANCE FIGURE ON THEIR WEBSITE. THE COMMISSION'S
COMPLAINT FURTHER ALLEGED THAT BLACK DRAGON CAPITAL INVESTMENT MANAGEMENT INCLUDED MISLEADING PERFORMANCE DATA IN MARKETING
MATERIALS. THE COMMISSION'S COMPLAINT ALSO ALLEGED THAT BLACK DRAGON CAPITAL FAILED TO MAINTAIN CERTAIN BOOKS AND RECORDS
REGARDING PERFORMANCE DATA. FINALLY, THE COMMISSION'S COMPLAINT ALLEGED BLACK DRAGON CAPITAL FAILED TO ENFORCE THEIR CODE OF
ETHICS, AND VIOLATED THE COMMISSION'S COMPLIANCE RULE BY FAILING TO ENFORCE THEIR COMPLIANCE POLICIES AND PROCEDURES, AND
FAILING TO CONDUCT AND DOCUMENT, IN WRITING, AN ANNUAL COMPLIANCE REVIEW. BLACK DRAGON CAPITAL HAS CONSENTED, WITHOUT
ADMITTING OR DENYING THE COMMISSION'S ALLEGATIONS, TO THE ENTRY OF THE ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO
SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940. BLACK DRAGON CAPITAL TAKE THE ALLEGATIONS VERY SERIOUSLY, AND HAVE ALREADY
TAKEN CONCRETE STEPS TO REMEDIATE ANY MISTAKES THAT HAVE BEEN MADE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):

09/25/2024
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
BLACK DRAGON CAPITAL HAS CONSENTED, WITHOUT ADMITTING OR DENYING THE COMMISSION'S ALLEGATIONS, TO THE ENTRY OF THE ORDER
INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 203(E) OF THE INVESTMENT ADVISERS ACT OF 1940.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON SEPTEMBER 25, 2024, A FINAL JUDGMENT WAS ENTERED BY CONSENT AGAINST BLACK DRAGON CAPITAL, LLC AND BLACK DRAGON CAPITAL
INVESTMENT MANAGEMENT (COLLECTIVELY, "BLACK DRAGON CAPITAL"), PERMANENTLY ENJOINING THEM FROM FUTURE VIOLATIONS OF SECTION
203(A) OF THE ADVISERS ACT, SECTION 204 OF THE ADVISERS ACT AND RULES 204(B)-1(A) AND 204-2(A)(16) THEREUNDER, SECTION 204A OF THE
ADVISERS ACT AND RULE 204A-1 THEREUNDER, AND SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-1(A)(6), 206(4)-7, AND 206(4)-8
THEREUNDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
318634
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
BLACK DRAGON CAPITAL, LLC
(For individuals, Last, First,
Middle)

CRD
Number:
7591698
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Hernandez, Louis
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
U.S. SECURITIES AND EXCHANGE COMMISSION
2.
Principal Relief Sought:
Injunction
Other Relief Sought: 
CIVIL PENALTIES
3.
Filing Date of Court Action (MM/DD/YYYY):
11/23/2021
 Exact
 Explanation
If not exact, provide explanation:
INITIAL SUBPOENA FOR INFORMATION RECEIVED BY BLACK DRAGON ON NOVEMBER 23, 2021.
4.
Principal Product Type:
Other
Other Product Types: 
PRIVATE FUNDS
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF FLORIDA.
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 
ON SEPTEMBER 3, 2024, BLACK DRAGON CAPITAL, LLC, BLACK DRAGON CAPITAL INVESTMENT MANAGEMENT (COLLECTIVELY, "BLACK DRAGON"), AND
LOUIS HERNANDEZ, JR. REACHED A SETTLEMENT AGREEMENT WITH THE STAFF OF THE DIVISION OF ENFORCEMENT OF THE US SECURITIES AND
EXCHANGE COMMISSION (THE "COMMISSION'). THE COMMISSION'S COMPLAINT ALLEGES THAT FROM AT LEAST DECEMBER 2021 TO MARCH 2024,
BLACK DRAGON AND MR. HERNANDEZ IMPROPERLY FAILED TO REGISTER AS INVESTMENT ADVISERS WITH THE COMMISSION. THE COMPLAINT FURTHER
ALLEGES THAT BLACK DRAGON AND MR. HERNANDEZ VIOLATED THE COMMISSION'S MARKETING RULE THROUGH THEIR USE OF CERTAIN PERFORMANCE
DATA ON THEIR WEBSITE, PROVIDED MISLEADING PERFORMANCE INFORMATION IN BLACK DRAGON'S MARKETING MATERIALS, AND FAILED TO
MAINTAIN CERTAIN BOOKS AND RECORDS, AMONG OTHER VIOLATIONS. THE COMMISSION'S COMPLAINT, PLED IN U.S. DISTRICT COURT FOR THE
SOUTHERN DISTRICT OF FLORIDA, CHARGES BLACK DRAGON AND MR. HERNANDEZ WITH VIOLATING SECTION 203(A), 204, AND 206(4) OF THE
ADVISERS ACT AND RULES 204(B)-1(A), 206(4)-1(A)(6), AND 206(4)-8, THEREUNDER. THE COMPLAINT ALSO ALLEGES BLACK DRAGON VIOLATED
SECTIONS 204(A), 204A, AND 206(4) OF THE ADVISERS ACT AND RULES 204-2(A)(16), 204A-1, AND 206(4)-7, THEREUNDER, AND THAT BLACK DRAGON
AND MR. HERNANDEZ VIOLATED SECTION 206(4) OF THE ADVISERS ACT AND RULE 206(4)-8, THEREUNDER.
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 

10. If pending, date notice/process was served (MM/DD/YYYY):
 Exact
 Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
Settled
12. Resolution Date (MM/DD/YYYY): 
09/03/2024
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 400,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
BLACK DRAGON AND MR. HERNANDEZ HAVE CONSENTED, WITHOUT ADMITTING OR DENYING THE COMMISSION'S ALLEGATIONS AND SUBJECT TO
COURT APPROVAL, TO BE PERMANENTLY ENJOINED FROM VIOLATING THE CHARGED PROVISIONS OF THE FEDERAL SECURITIES LAWS (I.E.
SECTION 203(A), 204, 204(A), 204A, AND 206(4) OF THE ADVISERS ACT AND RULES 204(B)-1(A), 206(4)-1(A)(6), 204-2(A)(16), 204A-1, 206(4)-7,
AND 206(4)-8, THEREUNDER) AND HAVE AGREED TO PAY CIVIL PENALTIES.
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
ON SEPTEMBER 3, 2024, BLACK DRAGON AND LOUIS HERNANDEZ, JR. REACHED A SETTLEMENT AGREEMENT WITH THE STAFF OF THE DIVISION OF
ENFORCEMENT OF THE COMMISSION. BLACK DRAGON AND MR. HERNANDEZ HAVE CONSENTED, WITHOUT ADMITTING OR DENYING THE COMMISSION'S
ALLEGATIONS AND SUBJECT TO COURT APPROVAL, TO BE PERMANENTLY ENJOINED FROM VIOLATING THE CHARGED PROVISIONS OF THE FEDERAL
SECURITIES LAWS (I.E. SECTION 203(A), 204, 204(A), 204A, AND 206(4) OF THE ADVISERS ACT AND RULES 204(B)-1(A), 206(4)-1(A)(6), 204-2(A)(16),
204A-1, 206(4)-7, AND 206(4)-8, THEREUNDER) AND HAVE AGREED TO PAY CIVIL PENALTIES.