CFTC News Release 4388-00 (CFTC Docket No. SD 00-03)

For Release March 31, 2000

CFTC FILES DISQUALIFICATION ACTION AGAINST DAVID ITZKOWITZ, FLOOR BROKER AT THE COFFEE SUGAR & COCOA EXCHANGE

WASHINGTON – The Commodity Futures Trading Commission (CFTC) announced that it filed a Notice of Intent to Suspend, Restrict or Revoke Registration (Notice) against David Itzkowitz of Huntington, New York. Itzkowitz is registered with the CFTC as a floor broker.

The CFTC’s Notice, filed on March 31, 2000, alleges that Itzkowitz is subject to disqualification from registration based on a 1995 CFTC order finding that Itzkowtiz is statutorily disqualified from registration under section 8a(3)(A) and 8a(3)(M) of the Commodity Exchange Act (CEA) and a subsequent disciplinary action by the Coffee Sugar & Cocoa Exchange (Exchange) in which the Exchange found that Itzkowitz engaged in accommodation trading in violation of Exchange rules.

Specifically, as alleged in the Notice, in July 1998, after hearing and appeal, the Exchange found that Itzkowitz had entered into accommodation trades opposite a floor member in eleven instances during five days in August 1995. The Notice further alleges that Itzkowitz engaged in the accommodation trading within one month of the CFTC issuing the 1995 CFTC order finding Itzkowitz statutorily disqualified from registration based on his extensive prior Commission and Exchange disciplinary history, and conditioning his registration subject to a sponsorship agreement for two years.

The CFTC’s Notice alleges that the CFTC’s 1995 finding of statutory disqualification and the Exchange action finding that Itzkowitz engaged in accommodation trading constitutes "other good cause" under section 8a(3)(M) of the CEA to suspend, restrict or revoke Itzkowitz’s floor broker registration, pursuant to section 8a(4) of the CEA.

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