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Commodity Futures Trading Commission 

CEA CASES 

NAME: WEBSTER E. COLLINS 

DOCKET NUMBER: 142 

DATE: NOVEMBER 18, 1966 

DOCUMENT TYPE: COMPLAINT 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Webster E. Collins, Respondent 

CEA Docket No. 142 

Complaint and Notice of Hearing Under Section 6(b) of the Commodity Exchange 

Act 

There is reason to believe that the respondent, Webster E. Collins, has 

violated the provisions of the Commodity Exchange Act (7 U.S.C. 1 et seq.), and 

the rules and regulations made pursuant to its requirements (17 CFR, Part I), 

and in accordance with the provisions of section 6(b) of the said act (7 U.S.C. 

9), this complaint and notice of hearing is issued stating the charges in that 

respect as follows: 

I 

Respondent Webster E. Collins is an individual whose business address is 170 

Lyman Street, Springfield, Massachusetts 01103. At all times material to this 

complaint he was a member of the Wool Associates of the New York Cotton 

Exchange, Inc. 

II 

The Wool Associates of the New York Cotton Exchange, Inc., hereinafter 

referred to as the exchange, is now and was at all times material herein a duly 

designated contract market under the 

Commodity Exchange Act. All transactions and positions hereinafter referred to 

relate to wool futures contracts on the exchange. At all times material herein 

a wool futures contract on the exchange was a contract for the grease equivalent 

of 6,000 pounds (clean weight) of wool. 

III 

During the period from March 26, 1965, through May 26, 1966, the respondent 

traded in wool futures on the exchange through various futures commission 

merchants in accounts carried in his own name and in the names of his sons, 

Webster A. Collins, and Douglas B. Collins. All such accounts were owned or 

controlled by the respondent. At all times during the period specified above 

the respondent was aware of his obligations under the Commodity Exchange Act and 

the regulations with respect to reporting requirements. 

IV 

On each day during the periods from April 15 through May 4, 1965, and from 

July 20, 1965, through May 26, 1966, the respondent held or controlled open 

contract positions in wool futures on the exchange equal to or in excess of 25 

contracts in a single future. By reason thereof the respondent was in reporting 

status, and was required to report to the Commodity Exchange Authority with 
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respect to all transactions executed and all open contract positions held or 

controlled by him, in all wool futures on the exchange 

during the said periods and with respect to all transactions by reason of which 

the positions held or controlled by the respondent were reduced below reporting 

levels, as provided in section 4i of the Commodity Exchange Act (7 U.S.C. 6i) 

and sections 15.01, 15.02, 15.03, 18.00, 18.01 and 18.03 of the rules and 

regulations thereunder (17 CFR 15.01, 15.02, 15.03, 18.00, 18.01, 18.03). On 

sixty-nine (69) business days within the periods specified above, while the 

respondent was in reporting status, and on May 5, 1965, when the positions held 

or controlled by the respondent were reduced below reporting levels, there were 

transactions in one or more of the above-named accounts, but the respondent 

filed no reports with the Commodity Exchange Authority with respect to such 

transactions, in wilful violation of the aforesaid provisions of the act and the 

regulations. 

WHEREFORE, it is hereby ordered that this complaint and notice of hearing be 

served upon the said respondent. The respondent will have twenty (20) days 

after the receipt of this complaint in which to file with the Hearing Clerk, 

United States Department of Agriculture, Washington, D. C. 20250, an answer with 

an original and three copies, fully and completely stating the nature of the 

defense and admitting or denying, specifically and in detail, each allegation of 

this complaint. Allegations not answered will be deemed admitted for the 

purpose of this proceeding. Failure to file an 

answer will constitute an admission of all the allegations of this complaint and 

a waiver of hearing. The filing of an answer in which all of the material 

allegations of fact contained in the complaint are admitted likewise shall 

constitute a waiver of hearing unless a hearing is requested. The respondent is 

hereby notified that unless hearing is waived, a hearing will be held at 10:00 

a.m., local time, on February 8, 1967, in Springfield, Massachusetts, at a place 

therein to be specified later, before a referee designated to conduct such 

hearing. At such hearing the respondent will have the right to appear and show 

cause, if any there be, why an order should not be made directing that all 

contract markets refuse all trading privileges to the respondent for such period 

of time as may be determined. 

It is ordered that this complaint and notice of hearing be served on the 

respondent at least twenty (20) days prior to the date set for hearing. 

Done at Washington, D. C. 

November 18, 1966. 

[SEE SIGNATURE IN ORIGINAL] 

Assistant Secretary 

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