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Commodity Futures Trading Commission 

CEA CASES 

NAME: RICHARD D. KOHN, MARSHALL J. STEIN, THOMAS CURTEAN, AND BRIAN H. MCGUIRE 

DOCKET NUMBER: 199 

DATE: DECEMBER 18, 1972 

DOCUMENT TYPE: DECISION AND ORDER 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Richard D. Kohn, Marshall J. Stein, Thomas Curtean, and Brian H. McGuire, 

Respondents 

CEA Docket No. 199 

Decision and Order as to Richard D. Kohn, Marshall Stein and Thomas Curtean 

Preliminary Statement 

This is an administrative proceeding under the Commodity Exchange Act (7 

U.S.C. Chapter 1), instituted by a complaint and notice of hearing issued on 

September 1, 1972, under section 6(b) and (c) of the said Act (7 U.S.C. 9 and 

13b). The respondents are charged with willfully violating section 1.38 of the 

regulations issued under the said Act (17 CFR 1.38). 

No hearing has been held in this proceeding. A Decision and Order as to 

respondent Brian H. McGuire was entered on October 25, 1972. Respondents 

Richard D. Kohn, Marshall J. Stein and Thomas Curtean have filed stipulations 

under section 0.4(b) of the rules of practice (17 CFR 0.4(b)) in which they (1) 

admit the facts hereinafter set forth in paragraphs 1 and 2 of the Findings of 

Fact, (2) admit, for the purpose of this proceeding and for such purposes only, 

the remaining facts set forth in the Findings of Fact, and (3) waive oral 

hearing on the charges in the complaint and the report of the Referee and 

consent to the entry, without further proceedings, of the order contained 

herein. 

Findings of Fact 

1. Respondents Richard D. Kohn, Marshall J. Stein, and Thomas Curtean are 

now, and were at all times material herein, registered floor brokers under the 

Commodity Exchange Act and members of the Chicago Mercantile Exchange, a duly 

designated contract market under the Commodity Exchange Act. 

2. The transactions specified herein were in live cattle futures and were 

entered into on or subject to the rules of the Chicago Mercantile Exchange. 

Such transactions could have been used for hedging transactions in interstate 

commerce in cattle or the products or by-products thereof, or for determining 

the price basis of transactions in interstate commerce in cattle, or for 

delivering cattle sold, shipped, or received in interstate commerce. 

3. On August 21, 1969, and March 24, 1970, the respondents entered into 

transactions as specified in the tabulation below. In entering into such 

transactions the respondents acted pursuant to, and in accordance with, an 

understanding or arrangement (1) that on August 21, 1969, respondent Stein would 

enter into a spread transaction with respondent McGuire and that respondent Kohn 

would enter into a reciprocal spread transaction with respondent Curtean, (2) 

that on March 24, 1970, respondent Stein would enter into a spread transaction 

with respondent McGuire offsetting that entered into between them on August 21, 

1969, and that respondent Kohn would enter into a spread transaction with 

respondent Curtean offsetting that entered into on August 21, 1969. 
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100> >101> 

Purchase Respondent for Respondent 

Whose Account Acting as Quantity 

Commodity Purchase Was Floor Broker (No. of 

Date and Future Made or Trader (Contracts) 

8/21/69 October Cattle Stein Stein 100 

8/21/69 December Cattle McGuire McGuire 100 

8/21/69 October Cattle Curtean Curtean 100 

8/21/69 December Cattle Kohn Kohn 100 

3/24/70 October Cattle McGuire McGuire 100 

3/24/70 December Cattle Stein Kohn 100 

3/24/70 October Cattle Kohn Stein 100 

3/24/70 December Cattle Curtean Curtean 100 

Sale 

Respondent Acting Respondent f[ILLEGIBLE TEXT] 

as Floor Whose Accoun[ILLEGIBLE TEXT] 

Commodity Price Broker Sale Was 

Date and Future (Per Cwt.) or Trader Made 

8/21/69 October Cattle 26.00 McGuire McGuire 

8/21/69 December Cattle 26.00 Stein Stein 

8/21/69 October Cattle 26.00 Kohn Kohn 

8/21/69 December Cattle 26.00 Curtean Curtean 

3/24/70 October Cattle 30.55 Kohn Stein 

3/24/70 December Cattle 30.35 McGuire McGuire 

3/24/70 October Cattle 30.55 Curtean Curtean 

3/24/70 December Cattle 30.35 Stein Kohn 

Conclusions 

By reason of the facts set forth in the Findings of Fact, it is concluded 

that respondents Richard D. Kohn, Marshall J. Stein and Thomas Curtean, as 

charged in the complaint, executed purchases and sales of commodities for future 

delivery in a manner that was not open and competitive, in willful violation of 

section 1.38 of the regulations under the Commodity Exchange Act (17 CFR 1.38). 

The complainant states that the administrative officials of the Commodity 

Exchange Authority have carefully considered the stipulations and the terms of 

the proposed order and they believe that the entry of such an order without 

further proceedings would constitute a satisfactory disposition of this case as 

to Richard D. Kohn, Marshall J. Stein, and Thomas Curtean, serve the public 

interest and effectuate the purposes of the Commodity Exchange Act. The 

complainant, therefore, recommends that the stipulations be accepted and the 

proposed order be issued, terminating this proceeding as to respondents Richard 

D. Kohn, Marshall J. Stein and Thomas Curtean. 

It is concluded that the complainant's recommendation should be adopted. 

Order 

1. Effective upon the date of service of this order upon respondents Richard 

D. Kohn, Marshall J. Stein and Thomas Curtean, they shall cease and desist from 

executing any futures transaction subject 

to the Commodity Exchange Act if such transaction is not executed openly and 

competitively in accordance with section 1.38 of the regulations issued under 

the Commodity Exchange Act (17 CFR 1.38). 

2. Effective on the fifteenth day after the date of entry of this order (1) 

the registration of respondent Richard D. Kohn as floor broker under the 
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Commodity Exchange Act is suspended for a period of 15 days, and (2) the said 

respondent is prohibited from trading on or subject to the rules of any contract 

market for a period of 15 days and all contract markets shall refuse all trading 

privileges to the respondent during this period. Such prohibition and refusal 

shall apply to all trading done and positions held directly by the respondent 

for his own account and also to all trading done and positions held indirectly 

through persons or firms owned wholly or in substantial amount by the said 

respondent or in any way subject to his direction or control, wholly or 

substantially, including but not limited to Stein-Kohn & Co. 

3. Effective on the thirtieth day after the date of entry of this order, (1) 

the registration of respondent Marshall J. Stein a floor broker under the 

Commodity Exchange Act is suspended for a period of 15 days, and (2) the said 

respondent is prohibited from trading on or subject to the rules of any contract 

market for a period of 15 days and all contract markets shall refuse all trading 

privileges to the respondent during this period. Such prohibition and refusal 

shall apply to all trading done and positions held directly by the respondent 

for his own account and also to all trading done and positions held indirectly 

through persons or firms owned wholly or in substantial amount by the said 

respondent or in any way subject to his direction or control, wholly or 

substantially, including but not limited to Stein-Kohn & Co. 

4. Effective upon the thirtieth day after the date of entry of this order (1) 

respondent Thomas Curtean is prohibited from trading on or subject to the rules 

of any contract market for a period of 15 days, and all contract markets shall 

refuse all trading privileges to the said respondent during this period, such 

prohibition and refusal to apply to all trading done and all positions held by 

the said respondent directly or indirectly, and (2) the registration of the 

respondent as floor broker under the Commodity Exchange Act is suspended for a 

period of 15 days. 

A copy of this Decision and Order shall be served on each of the parties and 

on each contract market. 

Done at Washington, D.C. 

DEC 18 1972 

[SEE SIGNATURE IN ORIGINAL] 

Judicial Officer 

Office of the Secretary 

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