LOUIS DE LA PENA (LD)
CBOT RULE VIOLATION:
511. QUALIFIED TRADERS AND BROKERS
A member shall place all trades for his own account or any account which he controls, on the books of his qualifying clearing member unless written authorization to the contrary from said clearing member has been filed with the Shareholder Relations and Membership Services Department.
576. IDENTIFICATION OF GLOBEX TERMINAL OPERATORS
Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual’s own unique user ID.
Pursuant to an offer of settlement in which Louis De La Pena neither admitted nor denied the findings and conclusions herein, on December 8, 2010 a Panel of the CBOT Business Conduct Committee found that De La Pena placed buy and sell orders on the Globex platform using a user ID other than his own at various times during a period from January 2009 through mid February 2009. Further, De La Pena failed to place his trades through his qualifying clearing member in absence of written authorization to the contrary. The Panel found that in so doing, De La Pena violated CBOT Rules 511 and 576.
In accordance with the settlement offer and taking into consideration De La Pena’s financial posture after review of an Affidavit of Assets and Liabilities, the Panel suspended his membership privileges, access to any CME Group trading floors, and direct access to any CME Group electronic trading or clearing platform for 20 business days, beginning December 10, 2010 and continuing through January 7, 2011, inclusive.
December 10, 2010
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