UNITED STATES OF AMERICA
COMMODITY FUTURES TRADING COMMISSION
RENEE SUSAN SCOTT
CFTC Docket No. 95-R153
BEACON FINANCIAL TRADING
ORDER OF SUMMARY AFFIRMANCE
GROUP, INC., and WILLIAM SCHOOR
Our review of the record and the parties' appellate submissions establishes that the findings and conclusions of the presiding officer are supported by the weight of the evidence; we therefore adopt them. We further conclude that the presiding officer committed no error material to the outcome of this proceeding and that the parties have not raised important questions of law or policy meriting extended discussion.
Accordingly, we affirm the initial decision.
IT IS SO ORDERED.(1)
By the Commission (Chairperson BORN, and Commissioners TULL, HOLUM and SPEARS).
Jean A. Webb
Secretary of the Commission
Commodity Futures Trading Commission
Dated: February 2, 1998
1. Under Sections 6(c) and 14(e) of the Commodity Exchange Act (7 U.S.C. §§ 9 and 18(e) (1994)), a party may appeal a reparation order of the Commission to the United States Court of Appeals for only the circuit in which a hearing was held; if no hearing was held, the appeal may be filed in any circuit in which the appellee is located. The statute also states that such an appeal must be filed within 15 days after notice of the order, and that any appeal is not effective unless, within 30 days of the date of the Commission order, the appealing party files with the court a bond equal to double the amount of any reparation award.
A party who receives a reparation award may sue to enforce the award if payment is not made within 15 days of the date the order is served by the Proceedings Clerk. Pursuant to Section 14(d) of the Act, 7 U.S.C. § 18(d) (1994), such an action must be filed in United States District Court. See also 17 C.F.R. § 12.407 (1998).
Pursuant to Section 14(f) of the Act, 7 U.S.C. § 18(f) (1994), a party against whom a reparation award has been made must provide to the Commission, within 15 days of the expiration of the period for compliance without the award, satisfactory evidence that (1) an appeal has been taken to the United States Court of Appeals pursuant to Section 6(c) and 14(e) of the Act or (2) payment has been made of the full amount of the award (or any agreed settlement thereof). If the Commission does not receive satisfactory evidence within the appropriate period, such party shall be automatically suspended from registration under the Act and prohibited from trading on all contract markets. Such prohibition and suspension shall remain in effect until such party provides the Commission with satisfactory evidence that payment has been made of the full amount of the award plus interest thereon to the date of payment.