UNITED STATES OF AMERICA
COMMODITY FUTURES TRADING COMMISSION
ROBBINS FUTURES, INCORPORATED, ROBBINS TRADING
CFTC Docket No. 97-R030
ORDER of SUMMARY AFFIRMANCE
Our review of the record and the parties' appellate submissions establishes that the findings and conclusions of the Judgment Officer are supported by the weight of the evidence; we therefore adopt them. However, we note that the Judgment Officer found that Walker's total out-of-pocket loss was $16,021, not $16,201, the amount awarded in damages; we believe the latter figure to be a typographical error. 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 with the correction that the amount of the award is $16,021.1
IT IS SO ORDERED.2
By the Commission (Chairperson BORN, and Commissioners HOLUM, SPEARS, and NEWSOME).
JEAN A. WEBB
Secretary of the Commission
Commodity Futures Trading Commission
Dated: April 13, 1999
1 Respondents' Motion to Reconsider and in the Alternative to Adduce Additional Evidence is denied.
2 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 the 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 the United States District Court. See also 17 C.F.R. § 12.407 (1997).
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 with the award, satisfactory evidence that (1) an appeal has been taken to the United States Court of Appeals pursuant to Sections 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 automatically shall be 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.