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Commodity Futures Trading Commission 

CEA CASES 

NAME: F. I. DUPONT, GLORE FORGAN & CO. AND RICHARD C. LEEDS 

DOCKET NUMBER: STIPULATION 109 

DATE: OCTOBER 16, 1970 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: F. I. duPont, Glore Forgan & Co. and Richard C. Leeds 

Stipulation of Compliance Under the Commodity Exchange Act No. 109 

The Secretary of Agriculture has reason to believe that F. I. duPont, Glore 

Forgan & Co. and Richard C. Leeds violated the provisions of the Commodity 

Exchange Act (7 U.S.C., Chapter 1) and the regulations of the Secretary of 

Agriculture promulgated thereunder (17 CFR, Chapter 1). 

No complaint with respect to such violation has been issued and the said F. 

I. duPont, Glore Forgan & Co. and the said Richard C. Leeds are desirous of 

disposing of the matter by entering into a stipulation of compliance as 

authorized by Section 0.4(a) of the Rules of Practice under the Commodity 

Exchange Act (17 CFR, Part 0). Therefore, the said F. I. duPont, Glore Forgan & 

Co. and the said Richard C. Leeds stipulate the following facts are true: 

(1) F. I. duPont, Glore Forgan & Co., a partnership with its principal office 

and place of business at One Wall Street, New York, New York 10005, and a 

registered futures commission merchant 

under the Commodity Exchange Act, is the successor of Francis I. duPont & Co., a 

partnership which on March 13, 1969, was a registered futures commission 

merchant under the Act with membership privileges on the New York Mercantile 

Exchange. 

(2) Richard C. Leeds, an individual whose address is 6 Harrison Street, New 

York, New York 10013, is now and was on March 13, 1969, a registered floor 

broker under the Commodity Exchange Act and a member of the New York Mercantile 

Exchange. 

(3) The transactions herein described were in Maine potato futures on the New 

York Mercantile Exchange, a duly designated contract market under the Act. 

(4) On March 13, 1969, Richard C. Leeds, in his capacity as an independent 

floor broker, executed orders for the sale of 146 contracts in the May 1969 

future at a price of 3.70 for various customers of Francis I. duPont & Co., of 

which 45 contracts were for the account of a particular customer of Francis I. 

duPont & Co. Thereafter, at the request of the customer's account executive, 

Francis I. duPont & Co. instructed Richard C. Leeds to cancel the orders for the 

45 contracts. Acting on such instructions, Richard C. Leeds allocated the 

executions to the orders of other customers. 

(5) Francis I. duPont & Co., after instructing Richard C. Leeds as described 

in paragraph (4) above, did not preserve its copies of the order tickets, 

although it did preserve on an order log (shown as Exhibit 1). 

The Commodity Exchange Authority has advised F. I. duPont, Glore Forgan & Co. 

and Richard C. Leeds that their actions as described in paragraph (4) above were 
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in violation of Section 1.38 of the regulations under the Commodity Exchange Act 

and has advised F. I. duPont, Glore Forgan & Co. that its actions as described 

in paragraph (5) above were in violation of 4g of the Act and Section 1.35 of 

the regulations thereunder. 

The said F. I. duPont, Glore Forgan & Co. and the said Richard C. Leeds agree 

to desist from such acts in the future. They further understand and agree that 

this stipulation is admissible as evidence of such acts and practices in any 

future proceeding based upon acts or practices in addition to those referred to 

herein which may be brought by the Secretary of Agriculture against either of 

them under the provisions of the 

said Act. F. I. duPont, Glore Forgan & Co. and Richard C. Leeds also understand 

that it is the practice of the Commodity Exchange Authority to issue press 

releases on stipulations of compliance and to make them a matter of public 

record. 

Done at New York, N. Y. this 16th 

day of October 1970. 

Witnessed by: 

[SEE SIGNATURE IN ORIGINAL] 

[SEE SIGNATURE IN ORIGINAL] 

[SEE SIGNATURE IN ORIGINAL] 

F. I. duPont, Glore Forgan & Co. 

by [SEE SIGNATURE IN ORIGINAL] 

[SEE SIGNATURE IN ORIGINAL] 

Richard C. Leeds 

LOAD-DATE: June 16, 2008 
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