For Release: June 26, 2003
CFTC CHARGES FUTURES BROKER AND ITS CHAIRMAN WITH FAILURE TO RETAIN RECORDS
CFTC Alleges Professional Market Brokerage, Inc. and Huaya Lu Tung Abandoned Required Records
WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a one-count administrative complaint against Professional Market Brokerage, Inc. (PMB), an Illinois corporation, and its Chairman, Huaya Lu Tung, alleging that PMB abandoned records it was required to maintain and that Tung induced such violations by PMB. PMB is registered with the CFTC as a futures commission merchant.
The CFTC complaint alleges that in or about January 2002, PMB ceased operations and, in so doing, abandoned its records and failed to arrange for their retention, storage, or custody.
The complaint also alleges that Tung was informed of the CFTC’s recordkeeping and retention requirements and chose to ignore those requirements.
A public hearing has been ordered to determine whether the allegations in the administrative complaint against PMB and Tung are true and, if so, what sanctions are appropriate. Possible sanctions include: 1) a cease and desist order; 2) trading prohibitions; 3) suspension or revocation of registrations; and 4) civil monetary penalties of up to $120,000 for each violation of the Commodity Exchange Act and CFTC regulations, or triple the monetary gain to PMB and Tung, whichever is greater.
The following CFTC Division of Enforcement staff are responsible for this case: Rosemary Hollinger, Robert Greenwald, Mark Bretscher, and Donald Nash.
Media Enforcement Case Contact:
Regional Counsel, Central Regional Office
CFTC Division of Enforcement (312) 596-0520
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