NOTICE OF DISCIPLINARY ACTION

FILE NO.:

COMEX 10-07511-BC
 

MEMBER:

ERIC A. WERNER (LRIC) 

NYMEX RULE VIOLATION: 

Legacy NYMEX Rule 8.55 – CLASSIFICIATION OF OFFENSES

(B) Minor 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 minor offenses of the Exchange.

(2) to engage in conduct inconsistent with just and equitable principles of trade.
 

FINDINGS:

Pursuant to an offer of settlement in which Eric Werner (“Werner”) neither admitted nor denied the rule violations upon which the penalty is based for purposes of resolving this matter, on July 28, 2011, a panel of the COMEX Business Conduct Committee (the “Panel”) found that on October 13, 2008, Werner accepted a profiting round-turn transaction into his personal account that was executed noncompetitively by another trader, without his knowledge. As a result, Werner profited $750.

The Panel found that in so doing, Werner violated Legacy NYMEX Rule 8.55(B)(2).

PENALTY:

In accordance with the settlement offer, the Panel ordered Werner to pay a fine in the amount of $4,000 and disgorge $750 in profits. 

EFFECTIVE DATE:

August 1, 2011