432. GENERAL OFFENSES
It shall be an offense:
L.2. to fail to fully answer all questions….in connection with any investigation….
T. to engage in dishonorable or uncommercial conduct.
Pursuant to an offer of settlement in which Daniel Venit neither admitted nor denied the findings, on August 4, 2010, a Panel of the CME Business Conduct Committee found that August 2009, Venit allowed a non-member to make trades in Venit’s personal account and allowed a clerk to accept orders from the non-member for Venit’s account. The panel also found that Venit did not fully answer questions in Market Regulation’s investigation into the matter. The Panel found that in doing so, Venit violated CME Rules 432.L.2. and 432.T.
In accordance with the settlement offer, the Panel fined Venit $25,000, and banned from reapplying for membership at any CME Group Exchange, having access to and CME Group trading floor and having direct access to all CME group electronic trading and clearing platforms for 20 business days. The suspension will run from August 6, 2010, through September 2, 2010, inclusive.
August 6, 2010
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