• NOTICE OF DISCIPLINARY ACTION

      • #
      • NYMEX-09-16-BC
      • Effective Date
      • 12 April 2010
    • FILE NO.:

      NYMEX 09-16-BC
       

      CLERK:

      JOSEPH VOGEL

       

      (LEGACY) NYMEX RULE:

       

      6.30(B)(4) Access to the Trading Floor

      (B)(4) No floor employee of a Member may trade in any commodity contract traded on or cleared by this Exchange either in his own name or in an account in which he has direct or indirect interest.
       

      EXCHANGE RULE:

       

      8.55(A)(18) Classification of Offenses

      (A) Major Offenses – No Member, Member Firm, or any employee of the foregoing shall commit a violation of any of the following rules, which shall be deemed major offenses of the Exchange.

      (18) to commit an act which is substantially detrimental to the interests or welfare of the Exchange.

       

      FINDINGS:

      Pursuant to an offer of settlement in which Joseph Vogel neither admitted nor denied the findings or any rule violations, the panel of the NYMEX Business Conduct Committee (hereinafter known as the “BCC Panel”), found that in July 2008 Joseph Vogel improperly traded NYMEX Natural Gas futures contracts while he was registered as a NYMEX floor clerk. The BCC Panel found that in so doing, Joseph Vogel violated legacy Exchange Rule 6.30(B)(4) and Exchange Rule 8.55(A)(18). The BCC Panel accepted the terms of the offer at a settlement hearing on January 26, 2010.

       

      PENALTY:

      In accordance with the settlement offer the BCC Panel ordered Joseph Vogel to (1) pay a fine in the amount of $5,000; (2) a suspension of his clerk privileges for a period of twelve (12) months, including access to, and the ability to work in any capacity on, any CME Group Exchange Trading Floor, and direct access to CME Group electronic trading and clearing platforms; and (3) to cease and desist from any future violations of similar rules.

      His suspension shall run from April 12, 2010 through April 11, 2011

       

      EFFECTIVE DATE:

      April 12, 2010