CBOT RULE VIOLATIONS:
Rule 432 (“General Offenses”) (in part):
It shall be an offense:
L.1. to fail to appear before the Board, Exchange staff or any investigative or hearing committee at a duly convened hearing, scheduled staff interview or in connection with any investigation;
On April 19, 2013, a Panel of the Chicago Board of Trade (“CBOT”) Probable Cause Committee (“PCC”) charged CBOT Member Joel Himel with one count of violating CBOT Rule 432.L.1, based on the allegation that he failed to appear for two scheduled staff interviews.
On October 15, 2013, a Hearing Panel Chair of the CBOT Business Conduct Committee (“BCC”) entered an order finding that Himel failed to answer the charge issued against him. In failing to answer the charge, the Hearing Panel Chair further ordered that Himel was deemed to have admitted the charge issued and waived his right to a hearing on the merits of the charge.
Pursuant to CBOT Rule 407.C, a penalty hearing was held before a Panel of the BCC (“Panel”) on March 25, 2014. The Panel found Himel guilty of committing the admitted charge. The Panel found that Himel failed to appear at two scheduled interviews with Market Regulation, which materially impacted Market Regulation’s investigation into potential rule violations.
Based on the record and the Panel’s findings and conclusions, the Panel ordered that Himel pay a fine of $10,000. The Panel also suspended Himel from all direct and indirect access to any trading floor or electronic trading or clearing platform owned or operated by CME Group Inc. for a period of one year, beginning on the effective date below and continuing for one year from the date that the ordered fine is paid.
April 28, 2014
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