CFTC News Release 4408-00 (CFTC Docket # SD 00-04 and No. SD 00-05)
For Release June 20, 2000
CFTC FILES ENFORCEMENT ACTIONS AGAINST GLENN B. LAKEN, OF CHICAGO, ILLINOIS, AND WILLIAM M. STEPHENS, OF SAN FRANCISCO, CALIFORNIA
Respondents May Have Their CFTC Registrations Suspended Or Modified Due To Pending Federal Felony Charges Against Them
WASHINGTON – The Commodity Futures Trading Commission (CFTC) announced today that it issued separate Notices of Intent to Suspend or Modify the Registrations of Glenn B. Laken, of Chicago, Illinois, and William M. Stephens, of San Francisco, California.
Laken has been registered with the Commission as a floor broker since April 1, 1984, and currently holds floor trading privileges at the Chicago Mercantile Exchange.
Stephens has been registered with the Commission as an associated person of a commodity trading advisor since February 16, 1999.
On June 12, 2000, the United States Attorney for the Southern District of New York filed indictments charging Laken with 11 federal felonies, including illegal pension kickbacks, racketeering, wire fraud, securities fraud, and conspiracy to commit stock promotion fraud.
On the same date, the United States Attorney filed an indictment charging Stephens with eight federal felonies, including conspiracy to commit fraud by an investment advisor, illegal pension kickbacks, racketeering, and wire fraud.
The Commission's Notices of Intent state that the relevant indictments charge Laken and Stephens with the commission of, or participation in, crimes involving violations of federal law that reflect upon their honesty or fitness to act as a fiduciary and that are punishable by imprisonment for a term exceeding one year. Accordingly, pursuant to section 8a(11) of the Commodity Exchange Act, as amended, Laken's and Stephen's respective registrations are subject to suspension or modification during the pendency of their criminal matters.
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