Release: #4033-97 (Civ. Action No.
For Release: July 2, 1997
PENNSYLVANIA COURT ISSUES CONSENT DECREE AND ORDER OF PRELIMINARY INJUNCTION IN CFTC ACTION AGAINST ROBERT H. RUTMAN
Court's Action Stems from CFTC Civil Action Charging the Defendant with Fraud and Acting as an Unregistered Futures Merchant, Among Other Violations of Federal Commodity Law
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) announced today that on June 25, 1997, the Honorable Harvey Bartle, III of the U.S. District Court for the Eastern District of Pennsylvania entered a Consent Decree and Order of Preliminary Injunction and Other Ancillary Relief Against Robert H. Rutman of Ambler, Pennsylvania. Under the decree and order, Rutman is enjoined, pending a judgment on the merits of the action, from engaging in fraud, from acting as a futures commission merchant without registration, from trading for his own account, and from soliciting additional customers or orders. In addition, Rutman has agreed to cooperate with the CFTC in providing access to books and records.
The court's action stems from a civil injunctive complaint filed on May 1, 1997, charging that from at least February 1995 to March 1997, Rutman engaged in fraudulent conduct and other activities involving commodity futures trading, all in violation of the Commodity Exchange Act (CEA) and CFTC regulations, as previously discussed in CFTC News Press Release dated May 8, 1997.
In its continuing litigation, the CFTC is seeking a permanent civil injunction prohibiting the defendant from violating the federal commodity laws and regulations charged, in addition to other ancillary relief.