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Commodity Futures Trading Commission 

CEA CASES 

NAME: IRWIN M. EISEN 

DOCKET NUMBER: 106 

DATE: FEBRUARY 13, 1962 

DOCUMENT TYPE: COMPLAINT 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Irwin M. Eisen, Respondent 

CEA Docket No. 106 

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

Act 

There is reason to believe that the respondent, Irwin M. Eisen, has violated 

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

referred to as the Act. In accordance with the provisions of § 6(b) of the Act 

(7 U.S.C. § 9), this complaint and notice of hearing is issued stating the 

charges as follow: 

I 

The respondent, Irwin M. Eisen, an individual, whose address is Room 1214, 

Chicago Board of Trade, 141 West Jackson Boulevard, Chicago 4, Illinois, is now 

and was at all times material to this complaint a registered floor broker under 

the Act and a member of the Board of Trade of the City of Chicago, hereinafter 

referred to as the Chicago Board of Trade. 

II 

The Chicago Board of Trade is now and was at all times material to this 

complaint a duly designated contract market under the Act. 

III 

The contracts resulting from the transaction hereinafter described were 

capable of being used for hedging transactions in interstate commerce in wheat 

or the products or by-products thereof, or for determining the price basis of 

transactions in interstate commerce in wheat, or for delivering wheat sold, 

shipped, or received in interstate commerce. 

IV 

On December 14, 1961, Mr. Albert W. Kibby, Exchange Supervisor in charge of 

the Chicago office of the Commodity Exchange Authority, at the request of the 

respondent, witnessed a transaction by the respondent in the wheat pit with a 

floor broker. The floor broker was offering to buy and sell the December 1961 

wheat future at $ 2.03 7/8. The respondent entered into a transaction with the 

floor broker in which the respondent simultaneously bought and sold five 

thousand bushels of the future at $ 2.03 7/8. By reason of such facts, the 

respondent willfully entered into a transactions which is, or as of the 

character of, a "wash sale," in violation of § 4c(A) of the Act (7 U.S.C. § 

6c(A)). In addition, the effect of the transaction was to enable the floor 

broker's buying customer to buy from his selling customer and, therefore, the 

respondent willfully entered into a transaction which is, or is of the character 

of, an "accommodation trade," in violation of § 4c(A) of the Act (7 U.S.C. § 

6c(A)). 
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WHEREFORE, the said respondent, Irwin M. Eisen, is hereby notified 

to be and appear at a hearing to be held at 10:00 a.m. local time, on the 24th 

day of April, 1962, in Chicago, Illinois, at a place to be hereafter designated, 

before a referee designated to conduct such hearing, and then and there 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. The respondent will have twenty (20) days after 

the receipt of this notice of hearing in which to file with the Hearing Clerk, 

United States Department of Agriculture, Washington 25, D. C., an answer with an 

original and five 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. 

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., this 

13th day of February, 1962. 

/s/ John P. Duncan, Jr. 

John P. Duncan, Jr. 

Assistant Secretary 

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