For Release: April 29, 2003
CFTC SETTLES RECORDKEEPING CHARGES
WITH CARR FUTURES INC.
CFTC Alleges that Carr Futures Failed to Retain and Produce Cancelled and Unfilled Floor Orders
WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it issued an order settling charges against Carr Futures Inc, a registered futures commission merchant based in Chicago, Illinois. The order finds that during the course of a Commission investigation, Carr failed to produce required records upon request.
Specifically, the order finds that between March 7, 2000 and February 12, 2002, in the course of a CFTC investigation, the Division of Enforcement issued several formal document requests to Carr to produce its original cancelled and unfilled order tickets for S&P 500 futures contracts for approximately 118 trade dates between July 1998 and February 2000. Carr was unable to locate and did not produce its cancelled and unfilled S&P 500 customer orders for 52 of 118 requested days. Carr’s failure to produce these records impaired the Division’s ability to fully investigate the order-filling activities of a floor broker under investigation.
The CFTC order requires that Carr cease and desist from violating recordkeeping provisions of the Commodity Exchange Act and CFTC regulations and pay a $75,000 civil monetary penalty. Carr consented to the entry of the order without admitting or denying the order’s factual or legal findings.
A copy of the CFTC order may be found at http://www.cftc.gov/.
The following Division staff were responsible for the case: Rosemary Hollinger, William Heitner, Thomas Koprowski, Jennifer Diamond, and Scott Williamson.
Media Case Contact:
Rosemary Hollinger, Associate Director/Chicago Regional Counsel
CFTC Division of Enforcement, (312) 596-0520
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