Release:#3985-97 (CFTC Docket # SD 95-5)
For Release: January 16, 1997
CFTC ACCEPTS SETTLEMENT OFFER IN STATUTORY DISQUALIFICATION ACTION AGAINST CBOT FLOOR BROKER RICHARD C. HAYES, WHICH INCLUDES REVOCATION OF HAYES' REGISTRATION
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that it has accepted an offer of settlement of Richard C. Hayes, a registered floor broker on the Chicago Board of Trade (CBOT), stemming from a CFTC statutory disqualification (SD) proceeding brought against Hayes in November 1994, which, among other things, revokes Hayes' registration. The CFTC, in its SD proceeding against Hayes, alleged that he was statutorily disqualified from registration as a result of a May 1993 felony drug conviction.
Under terms of the settlement order, entered on January 13, 1997, Hayes' registration as a floor broker is revoked. The order also finds that Hayes is statutorily disqualified from registration, and directs Hayes not to reapply for registration with the Commission in any capacity until June 1998.
Furthermore, under the terms of the CFTC order, if Hayes is granted registration in the future, he will be subject to a two-year conditioned registration period, during which time he will be prohibited from acting as a registrant unless he obtains a sponsor to closely supervise his activities. In addition, if Hayes is granted registration, he will also be subject to an automatic suspension provision, which provides for immediate suspension if he is charged with certain disciplinary offenses, as defined in applicable CFTC regulations.
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