Release: #4992-04
For Release: September 17, 2004

U.S. COMMODITY FUTURES TRADING COMMISSION ACTION FINDS FORMER BAYSIDE, NEW YORK MAN FAILED TO REGISTER AS COMMODITY TRADING ADVISOR

WASHINGTON, D.C. -- The U.S. Commodity Futures Trading Commission (CFTC) announced today the simultaneous filing and settlement of an administrative enforcement action against Samuel Newman (Newman) of Las Vegas, Nevada, formerly of Bayside, New York. The CFTC order finds that from at least November 2002 to January 2003, Newman solicited four clients for the purpose of trading their individual commodity futures accounts without registering with the Commission as a Commodity Trading Advisor (CTA) in violation of the Commodity Exchange Act (CEA).

The CFTC order requires Newman to refrain from applying for or seeking exemption from registration with the CFTC, other than in limited instances; to stop further violations of the CEA; and to pay a civil monetary penalty of $15,000. In consenting to the entry of the CFTC order, Newman neither admitted nor denied the findings made in the Commission order. A copy of the CFTC Order may be found at http://www.cftc.gov.

The following Division of Enforcement staff were responsible for this case Todd Kelly, Grant Collins and Paul Hayeck.

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Media Contacts
Alan Sobba
202) 418-5080
Dennis Holden
(202) 418-5088
Office of External Affairs

Staff Contact
Paul Hayeck, Associate Director, CFTC Division of Enforcement
(202) 418-5312

Related Document
Order