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Commodity Futures Trading Commission 

CEA CASES 

NAME: SIDNEY MADUFF, ROY SIMMONS, JOSEPH SIEGEL, AND THE SIEGEL TRADING CO., 

INC. 

DOCKET NUMBER: 125 

DATE: JANUARY 22, 1965 

DOCUMENT TYPE: COMPLAINT 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Sidney Maduff, Roy Simmons, Joseph Siegel, and The Siegel Trading Co., 

Inc., Respondents 

CEA Docket No. 125 

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

Act 

There is reason to believe that the respondents Sidney Maduff, Roy Simmons, 

Joseph Siegel, and The Siegel Trading Co., Inc., attempted to manipulate the 

price of a commodity for future delivery on or subject to the rules of a board 

of trade, in violation of the Commodity Exchange Act (7 U.S.C. 1 et seq.), 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 Sidney Maduff, an individual whose address is 110 North Franklin 

Street, Chicago, Illinois, is now and was at all times material herein a member 

of the Chicago Mercantile Exchange and a registered floor broker under the 

Commodity Exchange Act. 

II 

Respondent Roy Simmons, an individual whose address is 141 West Jackson 

Boulevard, Chicago, Illinois, is now and was at all times material herein a 

member of the Chicago Mercantile Exchange and a registered floor broker under 

the Commodity Exchange Act. 

III 

Respondent Joseph Siegel, an individual whose address is 141 West Jackson 

Boulevard, Chicago, Illinois, is now and was at all times material herein a 

member of the Chicago Mercantile Exchange, a registered floor broker under the 

Commodity Exchange Act, and president of respondent The Siegel Trading Co., Inc. 

IV 

Respondent The Siegel Trading Co., Inc., a corporation with offices at 141 

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

herein a clearing member of the Chicago Mercantile Exchange and a registered 

futures commission merchant under the Commodity Exchange Act. 

V 

The Chicago Mercantile Exchange, hereinafter referred to as the exchange, is 

now and was at all times material herein a board of trade duly designated as a 

contract market under the Commodity Exchange Act. 

VI 
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The futures transactions referred to in this complaint relate to the January 

1964 frozen whole egg future on the Chicago Mercantile Exchange. A frozen whole 

egg futures contract on the exchange is a contract for 30,000 pounds of frozen 

whole eggs. 

VII 

On January 23, 1964, the respondents entered into an agreement, arrangement 

or understanding among themselves whereby they were to take action designed to 

cause artificial or arbitrary prices in the January 1964 frozen whole egg future 

on the exchange. As part of the action to be taken under such agreement, 

arrangement or understanding, the respondents, acting through respondent Maduff, 

were to purchase on the exchange on January 24, 1964, the number of contracts of 

the January 1964 frozen whole egg future which they considered to be sufficient 

to enable them to cause an artificial or arbitrary price in such future. 

VIII 

On January 24, 1964, respondent Maduff, acting for and on behalf of the 

respondents, pursuant to, and in furtherance of, the agreement, arrangement or 

understanding referred to in paragraph VII above, purchased in transactions on 

the exchange 74 contracts of the January 1964 frozen whole egg future at a price 

of 30.25 cents per pound. 

IX 

By reason of the acts and transactions described herein, the respondents 

attempted to manipulate the price of a commodity for future delivery on or 

subject to the rules of a board of trade, in violation of sections 6(b) and 9 of 

the Commodity Exchange Act (7 U.S.C. 9 and 13). 

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 complaint in which to file with the Hearing Clerk, 

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

with an original and six 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 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 first day of April 

1965, 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 

Sidney Maduff, Roy Simmons and Joseph Siegel as floor brokers, suspending or 

revoking the registration of respondent The Siegel Trading Co., Inc., as a 

futures commission merchant, 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. 

January 22 1965 

[SEE SIGNATURE IN ORIGINAL] 

George L. Mehren 

Assistant Secretary 
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