EXCHANGE RULE: 8.00(E) Compliance Department
(E) The Compliance Department shall investigate the conduct and transactions of Members, Member Firms and employees of any of the foregoing and may examine the books and records of Members, Member Firms and employees of the foregoing Members, Member Firms and employees of any of the foregoing shall make their books and records available to the Compliance Department and shall respond to all inquiries of the Compliance Department at the time, place, and in the manner designated by the Compliance Department.
The New York Mercantile Exchange took final disciplinary action against Michael McManus, a clerk registered to a NYMEX member. The subject of the disciplinary action concerned allegations that between September 9, 2007 and December 28, 2007, Michael McManus repeatedly failed to appear for scheduled investigation-related interviews with Compliance Department Staff. Compliance Department Staff alleged these actions violated the following Exchange rules: 8.00(E) Failure to appear for an requested interview, and 8.55(A)(12): Major Offense: Refusing to appear...in connection with any investigation;...refusing to fully answer questions and produce all books and records at such hearing or investigation.
After conducting a hearing on February 5, 2009, a panel of the NYMEX Adjudication Committee, by Decision and Order dated March 24, 2009, found that by repeatedly failing to appear for scheduled investigation-related interviews with Compliance Department Staff between September 9 and December 28, 2007, Michael McManus violated Exchange Rule 8.00(E). After a hearing before an appeal panel on August 5, 2009, this decision was affirmed in its entirety by an appellate decision dated January 27, 2010, which is effective June 28, 2010.
The Panel imposed the following sanctions with respect to Michael McManus: an Order to Cease and Desist from future violations of Exchange Rule 8.00(E); the payment of a fine to the Exchange in the amount of $5,000; and a one (1) month bar from reapplication to the Exchange.
His one month bar from reapplication to the Exchange, in any capacity, will begin on June 28, 2010 and continue through July 28, 2010.
June 28, 2010
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