Release: #3997-97 (CFTC Docket #97-6)
For Release: February 27, 1997
CFTC Complaint Charges Sean G. Kelly
With Failure to Keep and Maintain Books and
WASHINGTON -- The Commodity Futures Trading Commission (CFTC) today
announced the filing of an administrative complaint against Sean G.
Kelly of Buffalo, New York. Kelly has been registered with the CFTC as
a commodity trading advisor since January 12, 1996.
The one-count complaint alleges that Kelly violated the Commodity
Exchange Act (CEA) and CFTC regulations by failing to make and keep the
books and records required of commodity trading advisors.
Specifically, the complaint charges Kelly with failing to keep the
records of his business as a commodity trading advisor for the required
five-year period. The complaint also alleges that Kelly discarded the
records that he was required to produce to the CFTC's Division of
Enforcement pursuant to their power of inspection under the CEA.
Pursuant to statutory authority, the CFTC instituted the administrative proceedings to determine whether the allegations of the complaint are true and to determine if an order should be entered (a) requiring Kelly to cease and desist from violating provisions of the CEA and regulations; (b) prohibiting Kelly from trading on or subject to the rules of any contract market; (c) revoking, suspending or conditioning Kelly's registration with the CFTC and barring Kelly from acting in any capacity that would require registration; and (d) assessing a civil monetary penalty of not more than the greater of $100,000 or triple the monetary gain for each violation of the CEA or the regulations.
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