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Commodity Futures Trading Commission 

CEA CASES 

NAME: EUGENE C. CASHMAN 

CITATION: 34 Agric. Dec. 1325 

DOCKET NUMBER: 212 

DATE: DECEMBER 20, 1973 

DOCUMENT TYPE: DECISION AND ORDER 

(No. 16,679) 

In re EUGENE C. CASHMAN. CEA Docket No. 212. Decided December 20, 1973. 

Speculative daily trading limits -- excessive -- Sanction

The stipulation of the respondent has been accepted by complainant in 

connection with his wilful violations of the Act in exceeding the speculative 

daily futures trading limits as found herein. Respondent is suspended as a 

registrant under the Act for a period of six (6) months and is denied all 

trading privileges during said period. 

Darold A. Dandy, for complainant. 

Robert P. Howington, Jr., Chicago, Ill., for respondent. 

Decision by John G. Liebert, Administrative Law Judge.

DECISION AND ORDER

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 alleging that 

the respondent Eugene C. Cashman, is now and was at all times material herein a 

registered floor broker under the Commodity Exchange Act and a member of the 

Chicago Board of Trade, a duly designated contract market under the Commodity 

Exchange Act. The amended complaint charges, inter alia that the respondent 

violated the speculative daily trading limits fixed by the Commodity Exchange 

Commission by (1) selling 3,105,000 bushels of soybean futures on February 27, 

1973; (2) buying 4,565,000 bushels of soybean futures on February 28, 1973; and 

(3) by buying 3,605,000 bushels and selling 3,175,000 bushels of corn futures on 

March 1, 1973. Such acts were alleged to have been wilful, and in violation of 

section 4a of the Commodity Exchange Act (7 U.S.C. 6a) and sections 150.4 

and 150.11 of the orders of the Commodity Exchange Commission (17 CFR 150.4, 

150.11). 

No hearing has been held in this proceeding. The respondent has filed a 

stipulation under section 0.4(b) of the rules of practice (17 CFR 0.4(b)) in 

which he (1) admits the facts hereinafter set forth in paragraphs 1 and 2 of the 

findings of fact, [2] admits, for the purpose of this proceeding and for such 

purpose only, the remaining facts set forth in the findings of fact, and [3] 

waives oral hearing on the charges in the complaint and consents to the entry, 

without further proceedings, of a Decision and Order containing the facts 

admitted in such stipulation as the findings of fact, conclusions of law based 

on such findings and the order contained herein. 

FINDINGS OF FACT
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1. Eugene C. Cashman, an individual whose business address is 141 West 

Jackson Boulevard, Chicago, Illinois 60604 is now and was at all times material 

herein a registered floor broker under the Commodity Exchange Act and a member 

of the Chicago Board of Trade. 

2. The Chicago Board of Trade is now and was at all times material herein, a 

duly designated contract market under the Commodity Exchange Act. 

3. On February 27, 1973, the respondent violated the speculative daily 

trading limit of 3,000,000 bushels in soybean futures fixed by the Commodity 

Exchange Commission, by selling 3,105,000 bushels on or subject to the Chicago 

Board of Trade as follows: 

Futures Sales in Bushels 

March 2,605,000

November 500,000

 Total 3,105,000

4. On February 28, 1973, the respondent violated the speculative daily 

trading limit of 3,000,000 bushels in soybean futures fixed by the Commodity 

Exchange Commission, by buying 4,565,000 bushels on or subject to the Chicago 

Board of Trade as follows: 

Future Purchases in Bushels

March 275,000

May 2,865,000

July 1,175,000

September 245,000

November 5,000

 Total 4,565,000

 

5. On March 1, 1973, the respondent violated the speculative daily trading 

limit of 3,000,000 bushels in corn futures fixed by the Commodity Exchange 

Commission, by buying 3,605,000 bushels and selling 3,175,000 bushels on or 

subject to the Chicago Board of Trade as follows: 

Future Purchases Sales 

(In Bushels) 

March 2,950,000

May 2,910,000 July 200,000 50,000

December 495,000 175,000

 Total 3,605,000 3,175,000

CONCLUSIONS

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

that the respondent Eugene C. Cashman, as charged in the complaint, wilfully 

violated section 4a of the Commodity Exchange Act (7 U.S.C. 6a) and sections 

150.4 and 150.11 of the orders of the Commodity Exchange Commission (17 CFR 

150.4, 150.11). 

The complainant states that the Administrative officials of the Commodity 

Exchange Authority have carefully considered the stipulation submitted by the 

respondent. The Administrative officials believe that the prompt entry of the 

proposed order would constitute a satisfactory disposition of this case, serve 

the public interest and effectuate the purposes of the Act. The complainant 

recommended, therefore, that the stipulation be accepted and the proposed order 

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

adopted. 

ORDER

Effective upon the date of service of this order, the respondent, Eugene C. 

Cashman, shall cease and desist from exceeding the trading and position limits 

fixed by the Orders of the Commodity Exchange Commission. 

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

registration of the respondent as floor broker under the Commodity Exchange Act 
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is suspended for a period of six (6) months, and (2) the respondent is 

prohibited from trading in commodities as defined in section 2 of the Commodity 

Exchange Act (7 U.S.C. 2) on or subject to the rules of any contract market for 

a period of six (6) months and all contract markets shall refuse all 

such trading privileges to the respondent during this period. Such prohibition 

and refusal shall apply to all such trading done and positions held directly by 

the respondent, either for his own account or as the agent or representative of 

any other person or firm, and also to all such trading done through, and to all 

positions held indirectly by, 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 Cashman and 

Company. 

A copy of this decision and order shall be served on each of the parties and 

on each contract market. 

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