For Release:April 19, 1996

CFTC Files Statutory Disqualification Action Against Patrick D. Kelly, and

Simultaneously Accepts His Settlement Offer,

Which Includes a Two-Year Period of Conditioned Registration

WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that it has filed a Notice of Intent to Deny or Condition Registration against Patrick D. Kelly of Chicago, Illinois, for registration as a floor trader. At the same time the Notice was filed, the CFTC accepted Kelly's offer of settlement, which grants Kelly floor trader registration, subject to conditions, for a two-year period.

Under the terms of the settlement, during the two-year period of conditioned registration, Kelly must be supervised by a sponsor, in this case, the chief operating officer and principal of his clearing firm, who will provide close supervision of his trading. Kelly also may not serve on certain self-regulatory organization committees, including disciplinary committees, arbitration panels, and governing boards.

The CFTC's Notice alleged that on September 20, 1991, Kelly plead guilty to theft, a misdemeanor, in the Circuit Court of Cook County. The court found Kelly guilty and sentenced him to five months of court supervision. On September 18, 1992, the court discharged Kelly from supervision.

# # #