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Commodity Futures Trading Commission 

CEA CASES 

NAME: WILLARD E. PLATT, GEORGE F. FREY, JR., OLIVER M. HIBBERD, PATRICK M. SHEA, 

HENRY C. GATLIN, F & G COMMODITIES, AND RALPH N. PETERS & CO. 

DOCKET NUMBER: 112 

DATE: JUNE 28, 1963 

DOCUMENT TYPE: COMPLAINT 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Willard E. Platt, George F. Frey, Jr., Oliver M. Hibberd, Patrick M. 

Shea, Henry C. Gatlin F & G Commodities, and Ralph N. Peters & Co., Respondents 

CEA Docket No. 112 

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

Act 

There is reason to believe that the respondents, Willard E. Platt, George F. 

Prey, Jr., Oliver M. Hibberd, Patrick M. Shea, Henry C. Gatlin, F & G 

Commodities, and Ralph N. Peters & Co., have violated the Commodity Exchange Act 

(7 U.S.C. Chapter 1), hereinafter called the act, and the regulations made 

pursuant thereto (17 CFR, Part 1), hereinafter called the regulations, and in 

accordance with the provisions of section 6(b) of the act (7 U.S.C. §9), this 

complaint and notice of hearing is issued stating the charges in that respect as 

follows: 

I 

The Board of Trade of the City of Chicago, hereinafter called the Chicago 

Board of Trade, is now and was at all times material to this complaint a duly 

designated contract market under the act. 

II 

Respondent Willard E. Platt, an individual whose address is Room 770, 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, a member of 

the Chicago Board of Trade and a partner in respondent Ralph N. Peters & Co. 

III 

Respondent George F. Frey, Jr., an individual whose address is care of F & G 

Commodities, 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, a 

member of the Chicago Board of Trade and a partner in respondent F & G 

Commodities. 

IV 

Respondent Oliver M. Hibberd, an individual whose address is care of Simeral 

Commodities, Inc., 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 Chicago Board of Trade. 

V 

Respondent Patrick M. Shea, an individual whose address is care of David E. 

Newman & Company, 141 West Jackson Boulevard, Chicago 4, Illinois, is now and 
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was at all times material to this complaint a registered floor broker under the 

act and a member of the Chicago Board of Trade. 

VI 

Respondent Henry C. Gatlin, an individual whose address is 322 Greenwich 

Street, New York 13, New York, is now and was at all times material to this 

complaint a member of a duly designated contract market under the act. 

VII 

Respondent F & G Commodities, a partnership with offices at 141 West Jackson 

Boulevard, Chicago 4, Illinois, is now and was at all times material to this 

complaint a clearing member of the Chicago Board of Trade and a registered 

futures commission merchant under the act. 

VIII 

Respondent Ralph N. Peters & Co., a partnership with offices at 141 West 

Jackson Boulevard, Chicago 4, Illinois, is now and was at all times material to 

this complaint a clearing member of the Chicago Board of Trade and a registered 

futures commission merchant under the act. 

IX 

The transactions referred to in this complaint relate to contracts for the 

purchase or sale of May 1963 soybean oil or May 1963 soybean meal futures on the 

Chicago Board of Trade. Such contracts could have been used for (a) hedging 

transactions in interstate commerce in soybean oil or soybean meal or the 

products 

or by-products thereof, or (b) determining the price basis of transactions in 

interstate commerce in soybean oil or soybean meal, or (c) delivering soybean 

oil or soybean meal sold, shipped, or received in interstate commerce for the 

fulfillment of such futures contracts. 

X 

On December 18, 1962, respondent Oliver M. Hibberd, acting in part as floor 

broker for A. E. Staley Manufacturing Co., and in part for his own account, 

purchased 17 tank cars of May 1963 soybean oil futures at 8.94 cents per pound 

from respondent Patrick M. Shea who was acting in the capacity of floor broker 

for Hayden, Stone & Co. Incorporated. Respondent Hibberd reported the purchase 

of 12 of the tank cars to A. E. Staley Manufacturing Co. as having been 

purchased for its account and the purchase of 5 of the tank cars to John E. 

Brennan & Co. as having been purchased for respondent Hibberd's own account. 

XI 

On or about December 18, 1962, respondent Henry C. Gatlin placed an order 

with respondent F & G Commodities, in its capacity as futures commission 

merchant, to purchase and to sell for Gatlin's account 19 tank cars of the May 

1963 soybean oil future on the Chicago Board of Trade, which order to buy and to 

sell constituted an order for a "wash sale." 

XII 

On December 18, 1962, respondent Willard E. Platt, in his capacity as floor 

broker, received from respondent F & G Commodities the order to purchase and to 

sell referred to in paragraph XI above. With respect to 17 tank cars, the order 

was filled by means of purported transactions with respondents Hibberd and Shea. 

In so filling the order, respondent Platt, with the consent of respondents 

Hibberd and Shea, made entries on trading cards, which he turned in to 

respondent F & G Commodities for the account of respondent Gatlin, purporting to 

show the sale of 12 tank cars of May 1963 soybean oil futures at 8.94 cents per 
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pound to A. E. Staley Manufacturing Co. as opposite clearing member; the sale of 

5 tank cars of May 1963 soybean oil futures at 8.94 cents per pound to John E. 

Brennan & Co. as opposite clearing member; and the purchase of 17 tank cars of 

May 1963 soybean oil futures at 8.94 cents per pound from Hayden, Stone & Co. 

Incorporated as opposite clearing member. Respondent Shea, with the consent of 

respondent Hibberd, altered the entries on respondent Shea's trading card 

relating to the transaction referred to in paragraph X above so as to indicate 

that respondent Shea had sold the 17 tank cars of May 1963 soybean oil futures 

to respondent Platt acting for F & G Commodities, and respondent Shea reported 

or caused to be reported to Hayden, Stone & Co. Incorporated that the 

transaction referred to in paragraph X was made with F & G Commodities as 

opposite 

clearing member instead of A. E. Staley Manufacturing Co. and John E. Brennan & 

Co. as opposite clearing members. Respondent Hibberd reported or caused to be 

reported to A. E. Staley Manufacturing Co. and John E. Brennan & Co. that the 

transaction referred to in paragraph X was made with F & G Commodities as 

opposite clearing member instead of Hayden, Stone & Co. Incorporated as opposite 

clearing member. Based upon the information so reported or caused to have been 

reported, Hayden, Stone & Co. Incorporated showed on its records that the 

transaction referred to in paragraph X was with F & G Commodities as opposite 

clearing member, and A. E. Staley Manufacturing Co. and John E. Brennan & Co. 

showed on their records that the transaction referred to in paragraph X was made 

with F & G Commodities as opposite clearing member. The remainder of the order 

referred to in paragraph XI was filled by respondent Platt by a purchase of one 

tank car of the May 1963 soybean oil future at 8.96 cents per pound from William 

E. Casselman, a sale of one tank car of the same future at the same price to 

Joseph J. Drowinski, a purchase of one tank car of such future at 8.95 cents per 

pound from Oliver M. Hibberd, and a sale of one tank car of the same future at 

the same price to Lawler J. Joyce. 

XIII 

On December 19, 1962, respondent Platt, acting as floor broker for respondent 

Ralph N. Peters & Co., sold 10 contracts (1,000 tons) of May 1963 soybean meal 

futures at $ 65.10 per ton to David B. Wrisley, who was acting for his own 

account carried at the firm of Weinberg, Shanley and Wrisley. 

XIV 

On or about December 19, 1962, respondent Henry C. Gatlin placed an order 

with respondent F & G Commodities, in its capacity as futures commission 

merchant, to purchase and to sell for Gatlin's account 24 contracts (2,400 tons) 

of May 1963 soybean meal futures on the Chicago Board of Trade, which order to 

buy and to sell constituted an order for a "wash sale." 

XV 

On December 19, 1962, respondents Platt and Frey partially filled the order 

referred to in paragraph XIV above by means of a purported transaction between 

respondent Platt and the said David B. Wrisley and a purported transaction 

between respondents Platt and Frey. Respondent Platt participated in so filling 

the order by altering a trading card which he turned in to respondent Ralph N. 

Peters & Co., relating to the transaction referred to in paragraph XIII, so as 

to indicate that respondent Platt had sold the 10 contracts of May 1963 soybean 

meal futures to respondent F & G Commodities as opposite clearing member; by 

causing David B. Wrisley to change his trading card with respect to such 

transaction so as to indicate that respondent Platt had acted for respondent F & 

G Commodities; and by preparing and turning in to respondent F & G Commodities 

trading cards which purported to show the sale of the 
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10 contracts to Weinberg, Shanley and Wrisley as opposite clearing member. 

Respondent Frey participated in so filling the order by preparing and turning in 

trading cards to respondent F & G Commodities purporting to show the purchase of 

10 contracts of May 1963 soybean meal futures from Ralph N. Peters & Co., as 

opposite clearing member. Of the contracts so sold and purchased by respondents 

Platt and Frey for respondent F & G Commodities, one contract of sale and one 

contract of purchase were made for the account of respondent Henry C. Gatlin in 

partial fulfillment of the order referred to in paragraph XIV, and the remaining 

contracts were made for the personal account of respondent Frey. 

XVI 

On December 19, 1962, respondent Platt, acting for respondent Ralph N. Peters 

& Co., purchased 23 contracts of May 1963 soybean meal futures from Donald R. 

Ryan who was acting for his own account carried by Lawrence J. Ryan & Company. 

XVII 

On December 19, 1962, respondents Platt and Frey filled 23 contracts of 

respondent Gatlin's order referred to in paragraph XIV above by means of a 

purported transaction between respondent Platt and the said Donald R. Ryan, and 

a purported transaction between respondents Platt and Frey. Respondent Platt 

participated in so filling the order by turning in his trading card relating to 

the 

transactions referred to in paragraph XVI to F & G Commodities; by causing the 

said Donald R. Ryan to show on his trading card that respondent Platt had acted 

for respondent F & G Commodities in this transaction; and by preparing and 

turning in a trading card to respondent Ralph N. Peters & Co. purporting to show 

the purchase of 23 contracts of May 1963 soybean meal futures from F & G 

Commodities as opposite clearing member. Respondent Frey participated in so 

filling the order by preparing and turning in a trading card to respondent F & G 

Commodities purporting to show the sale of 23 contracts of May 1963 soybean meal 

futures to respondent Ralph N. Peters & Co. as opposite clearing member. 

XVIII 

By reason of the facts alleged in this complaint, respondents Henry C. 

Gatlin, Willard E. Platt, George F. Frey, Jr. and F & G Commodities offered to 

enter into and entered into transactions which were of the character of and 

which constituted "wash sales" and fictitious sales, in wilful violation of 

section 4c of the act (7 U.S.C. §6c); respondents Oliver M. Hibberd and Patrick 

M. Shea caused false records to be entered and made false reports in connection 

with the execution of commodity futures transactions and deceived the persons 

from whom the orders for such transactions had been received, in willful 

violation of section 4b of the act (7 U.S.C. §6b); and respondents Willard E. 

Platt, Ralph N. Peters & Co. and Patrick M. Shea failed to keep full and 

complete records of futures 

transactions in willful violation of section 4g of the act (7 U.S.C. §6g) and 

section 1.35 of the regulations (17 CFR 1.35). 

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

served upon the said respondents. The respondents 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 eight copies, fully and completely stating the nature of 

the defense and admitting or denying, specifically and in detail, each material 

and relevant 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 material allegations of this complaint 

and a waiver of hearing. The respondents are hereby notified that unless 
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hearing is waived, either expressly or by failure to file an answer and request 

a hearing, a hearing will be held at 10:00 a.m., local time, on the 24th day of 

September 1963, in Chicago, Illinois, at a place therein to be specified later, 

before a referee designated to conduct such hearing. At such hearing the 

respondents will have the right to appear and show cause, if any there be, why 

an order should not be made suspending or revoking the registrations of 

respondents Willard E. Platt, George F. Frey, Jr., Oliver M. Hibberd, Patrick M. 

Shea and Henry C. Gatlin as floor brokers, suspending or revoking the 

registrations of respondents 

 

F & G Commodities and Ralph N. Peters & Co. as futures commission merchants, and 

directing that all contract markets refuse all trading privileges to each 

respondent for such period of time as may be determined. 

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

the said respondents at least twenty (20) days prior to the date set for 

hearing. 

Done at Washington, D. C., this 

28th day of June 1963. 

/s/ John P. Duncan, Jr. 

John P. Duncan, Jr. 

Assistant Secretary 

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