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Commodity Futures Trading Commission 

CEA CASES 

NAME: COLEMAN & COMPANY, JOHN R. JAKOBSON, AND MICHAEL J. CORRIGAN 

DOCKET NUMBER: STIPULATION 50 

DATE: DECEMBER 22, 1959 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Coleman & Company John R. Jakobson, and Michael J. Corrigan 

Stipulation of Compliance under the Commodity Exchange Act No. 50 

The Secretary of Agriculture has reason to believe that Coleman & Company, 

John R. Jakobson, and Michael J. Corrigan have violated the provisions of the 

Commodity Exchange Act (17 CFR, Chapter 1) and the rules and regulations of the 

Secretary of Agriculture promulgated thereunder by virtue of certain 

transactions in cottonseed oil futures as set forth below. 

No complaint with respect to such violations has been issued and the said 

Coleman & Company, John R. Jakobson, and Michael J. Corrigan 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, 0.0-0.28). 

Therefore, the said Coleman & Company, John R. Jakobson, and Michael J. 

Corrigan stipulate that the following facts are true: 

1. Coleman & Company is a partnership with an office at 120 Broadway, New 

York 5, New York, is a clearing member of the New York Produce Exchange, and a 

registered futures commission merchant under the Commodity Exchange Act. 

2. John R. Jakobson is an individual whose business address is 120 Broadway, 

New York 5, New York. 

3. Michael J. Corrigan is an individual whose address is No. 2 Broadway, New 

York 4, New York. He is a member of the New York Produce Exchange and a 

registered floor broker under the Commodity Exchange Act. 

4. The New York Produce Exchange is a contract market designated as such 

under the Commodity Exchange Act by the Secretary of Agriculture. 

5. At the close of business on December 4, 1958, the said John R. Jakobson 

held a long position of 20 contracts of May 1959 cottonseed oil futures on the 

New York Produce Exchange on the books of Coleman & Company. This position had 

been acquired by purchases made on various dates in November 1958. 

6. On or about December 5, 1958, John R. Jakobson instructed Coleman & 

Company to liquidate his May 1959 cottonseed oil future position and then to 

reinstate it. His order was relayed by Coleman & Company to Michael J. 

Corrigan, who executed it by trading with Murray H. Nelson, Julius Wagner, Otto 

F. Rehders, and Dominick R. Comenzo as follows: 

A. By Direct Crossing: 

Corrigan Bought from: Corrigan Sold to: 

Nelson 5 May cottonseed oil @ 1313 Nelson 5 May cottonseed oil @ 1312 

Wagner 5 May cottonseed oil @ 1313 Wagner 5 May cottonseed oil @ 1312 
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B. By Switch Trades: 

Corrigan Bought from: Corrigan Sold to: 

Rehders 2 Mar. cottonseed oil @ 1310 Rehders 2 May cottonseed oil @ 1312 

Rehders 2 May cottonseed oil @ 1312 Rehders 2 Mar. cottonseed oil @ 1310 

Wagner 3 Mar. cottonseed oil @ 1310 Wagner 3 May cottonseed oil @ 1312 

Wagner 3 May cottonseed oil @ 1313 Wagner 3 Mar. cottonseed oil @ 1310 

Comenzo 5 Mar. cottonseed oil @ 1310 Comenzo 5 May cottonseed oil @ 1312 

Comenzo 5 May cottonseed oil @ 1313 Comenzo 5 Mar. cottonseed oil @ 1310 

The transactions in May cottonseed oil made by Corrigan were for the account 

of John R. Jakobson; the trades in March cottonseed oil made by Corrigan were 

for his own account; and all of the trades made by the other brokers were for 

their own accounts or accounts in which they had a pecuniary interest. 

7. At the close of business on December 10, 1958, the said John R. Jakobson 

held a long position of 20 contracts of May 1959 cottonseed oil futures on the 

New York Produce Exchange on the books of Coleman & Company. 

8. On or about December 11, 1958, John R. Jakobson instructed Coleman & 

Company to liquidate his May 1959 cottonseed oil future position and then to 

reinstate it. His order was relayed by Coleman & Company to Michael J. 

Corrigan, who executed it by trading with Murray H. Nelson, George A. Elbert, 

and Jack W. Sommers as follows: 

See original document-page 3 

Corrigan Bought from: Corrigan Sold to: 

Nelson 5 July cottonseed oil @ 1270 Nelson 5 May cottonseed oil @ 1281 

Nelson 5 May cottonseed oil @ 1282 Nelson 5 July cottonseed oil @ 1270 

Nelson 3 Mar. cottonseed oil @ 1277 Nelson 3 May cottonseed oil @ 1280 

Nelson 3 May cottonseed oil @ 1281 Nelson 3 Mar. cottonseed oil @ 1277 

Elbert 5 July cottonseed oil @ 1270 Elbert 5 May cottonseed oil @ 1281 

Elbert 5 May cottonseed oil @ 1282 Elbert 5 July cottonseed oil @ 1270 

Elbert 4 Mar. cottonseed oil @ 1277 Elbert 4 May cottonseed oil @ 1281 

Elbert 4 May cottonseed oil @ 1281 Elbert 4 Mar. cottonseed oil @ 1277 

Sommers 3 Mar. cottonseed oil @ 1277 Sommers 3 May cottonseed oil @ 1280 

Sommers 3 May cottonseed oil @ 1281 Sommers 3 Mar. cottonseed oil @ 1277 

The transactions in May cottonseed oil made by Corrigan were for the account 

of John R. Jakobson; the trades in March and July cottonseed oil made by 

Corrigan were for his own account; and all of the trades made by the other 

brokers were for accounts in which they had a pecuniary interest. 

The Commodity Exchange Authority has advised Coleman & Company, John R. 

Jakobson, and Michael J. Corrigan that in its opinion the transactions described 

in paragraphs 6 and 8 above are in violation of the Commodity Exchange Act and 

the regulations thereunder, particularly those provisions relating to "wash 

trades" and the requirement that all trading be done openly and competitively. 

Coleman & Company, John R. Jakobson, and Michael J. Corrigan agree to desist 

from such practices in the future and to comply fully with the requirements of 

the Commodity Exchange Act and the regulations of the 

Secretary of Agriculture thereunder; and specifically to refrain from entering 

into "wash trades" and to refrain from entering orders which call for or 

encourage execution otherwise than by open and competitive means. They further 

understand and agree that this stipulation shall be admissible of acts and 
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practices in violation of the Commodity Exchange Act in any proceeding based 

upon transactions in addition to those referred to herein which may hereafter be 

brought by the Secretary of Agriculture against any of them under the provisions 

of the said act. 

Done at New York, New York, this 22 day of December 1959. 

/s/ Coleman & Company 

Coleman & Company 

By /s/ J. C. Louis 

/s/ John R. Jakobson 

John R. Jakobson 

/s/ Michael J. Corrigan 

Michael J. Corrigan 

Witnessed by: 

/s/ Roy Tipton 

/s/ Hugh A. Collins 

LOAD-DATE: June 16, 2008 
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