Review of the Commodity Futures Trading Commission's Reduction of Penalties Imposed by the CFTC Administrative Law Judges in Disciplinary Cases: Hearing Before the Subcommittee on Conservation, Credit, and Rural Development of the Committee on Agriculture, House of Representatives, One Hundred Second Congress, Second Session, May 19, 1992 |
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128 percent administrative law judges agency agreed ALJ's appeals appellate decisions apply asked award damages BAIR believe broker CFTC Chairman Gramm Chilmark churning circuit court claims COMBEST Commis Commission's decision Commissioner Albrecht Commodity Corporation Commodity Exchange Act COMMODITY FUTURES TRADING complainant concern concurring Congress Corp customer's damages awarded decided dismissal dissented Division of Enforcement E.F. Hutton enforcement actions enforcement and reparation ENGLISH fact fraud fraudulent futures contracts FUTURES TRADING COMMISSION GLENN ENGLISH GLICKMAN Hammond hearing HUCKABY imposed Incomco individual initial decision issue Jack Carl/312 Futures Joined majority opinion LARRY COMBEST liability majority opinion Vacated majority's margin call Monex negligence overturned protection question reckless record Refco registration regulation regulatory remanded reparations program require respondents reversed Sage Group sanctions scienter separate views shift Smith Smith Barney staff statement statutory disqualification Stotler Thank tion trading ban trading prohibition Tysdal understand violation WEST
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Page 61 - Any such civil penalty may be compromised by such Secretary. In determining the amount of the penalty, or the amount agreed upon in compromise, the appropriateness of such penalty to the size of the business of the owner or operator charged, the effect on the owner or operator's ability to continue in business, and the gravity of the violation, shall be considered by such Secretary.
Page 115 - Except as otherwise provided by Act of Congress, an action, suit or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, shall not be entertained unless commenced within five years from the date when the claim first accrued...
Page 61 - ... shall consider, in the case of a person whose primary business involves the use of the commodity futures market — the appropriateness of such penalty to the size of the business of the person charged, the extent of such person's ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market— the appropriateness of such penalty to the net worth of the person charged, and the gravity...
Page 61 - ... involves the use of the commodity futures market — the appropriateness of such penalty to the size of the business of the person charged, the extent of such person's ability to continue in business, and the gravity of the violation; and in the case of a person whose primary business does not involve the use of the commodity futures market— the appropriateness of such penalty to the net worth of the person charged, and the gravity of the violation.
Page 45 - What has happened over the last 10 or 15 years is that manufacturing has grown very slowly.
Page 97 - Refco, Inc., Richard Izdebski, Chris E. Anderson, R. Rocco Carnevale, James J. Cleary, Mark W. England, William B. Harris, Douglas D. Hinshaw, Jerry L. Savicz, and Fred R.
Page 30 - Mr. ENGLISH. Mr. Glickman. Mr. GLICKMAN. Thank you. First of all, I want to thank the Commissioners for being here.
Page 57 - ... provisions adaptable to our experiences in these areas. Mr. KAMINSTEIN. We have, and the Library of Congress has been in touch with the situation in Great Britain and found that it has created some difficulties. Mr. TANNENBAUM. Yes, and I see they make reference to the board of trade. Mr. MEYERHOFF. I think there are two points I would like to make, Mr. Kaminstein. First of all, in answer to Mr. Karp, for a great deal of the scientific material we cannot wait 56 years. We want it the day after...
Page 56 - ... tons of steel as against the homes and jobs of 17,000 people. I don't know whether the other fellow said it that way, but that is the way it appears to me, and that is why I am groggy and I realize that the Government puts us in this problem.
Page 3 - STATEMENT OF WENDY L. GRAMM, CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION Dr. GRAMM. Thank you.