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Commodity Futures Trading Commission 

CEA CASES 

NAME: JOSEPH E. SIEGEL, AND THE SIEGEL TRADING COMPANY, INC. 

DOCKET NUMBER: STIPULATION 138 

DATE: JUNE 28, 1972 

DOCUMENT TYPE: STIPULATION OF COMPLIANCE 

UNITED STATES DEPARTMENT OF AGRICULTURE 

BEFORE THE SECRETARY OF AGRICULTURE 

In re: Joseph E. Siegel, and The Siegel Trading Company, Inc. 

Stipulation of Compliance under the Commodity Exchange Act No. 138 

The Secretary of Agriculture has reason to believe that Joseph E. Siegel has 

violated undertakings made to the Commodity Exchange Authority concerning the 

conduct of the business of The Siegel Trading Company, Inc. as a futures 

commission merchant under the Commodity Exchange Act. 

No complaint with respect to such violations has been issued and Joseph E. 

Siegel and The Siegel Trading Company, Inc. are desirous of disposing of the 

matter by entering into a stipulation of compliance pursuant to section 0.4(a) 

of the Rules of Practice under the Commodity Exchange Act (17 CFR, Part 0). 

Therefore, Joseph E. Siegel and The Siegel Trading Company, Inc. stipulate the 

following facts are true: 

(1) The Siegel Trading Company, Inc., a corporation with its principal office 

at 100 North LaSalle Street, Chicago, Illinois, 60602, is now and was at all 

times material herein, a registered futures commission merchant under the 

Commodity Exchange Act. 

(2) Joseph E. Siegel, an individual whose business address is the same as 

that of the corporation, is now and was at all times material herein, president 

of The Siegel Trading Company, Inc. 

(3) In CEA Docket No. 159, on February 3, 1970, Joseph E. Siegel and The 

Siegel Trading Company, Inc. filed a stipulation in which they represented that 

The Siegel Trading Company, Inc. had set up and would continue to maintain an 

internal management system which would result in due diligence being used in the 

selection, training, and supervision of the firm's officers and employees 

involved in the handling of accounts of customers trading in commodity futures. 

(4) On August 27, 1970, the Administrator of the Commodity Exchange Authority 

wrote to Joseph E. Siegel, stating in part, "It has come to our attention that 

Mr. Jack W. Savage who is in the position of sales manager with The Siegel 

Trading Company, Inc. has been convicted . . . on each of three counts of 

securities fraud and one count of mail fraud [prior to his employment by The 

Siegel Trading Company, Inc.] . . . [We] believe that his continued employment 

as sales manager of your organization, or in any other capacity where 

he would have direct or indirect access to the funds and futures trading of 

regulated commodity customers, would constitute grounds for concluding that The 

Siegel Trading Company, Inc. is improperly safeguarding its customers' interests 

. . ." 

(5) In a letter dated September 23, 1970, Joseph E. Siegel wrote the 

Administrator of the Commodity Exchange Authority, in part, as follows: ". . . 
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Kindly be advised that Mr. Jack W. Savage is no longer employed by our Company 

as Sales Manager and that all of his activities as a salesman have likewise been 

suspended. In accordance with Mr. Savage's suspension, he is denied all direct 

or indirect access to the funds and futures trading of regulated commodities 

customers . . . You may be assured by this letter that until otherwise notified 

by the Department, Mr. Savage will remain suspended from the handling of any 

customer funds and/or futures trading of regulated customers of The Siegel 

Trading Company, Inc." 

(6) During the period from on or about September 23, 1970, until October 

1971, Jack W. Savage, in various instances, acted in a capacity at The Siegel 

Trading Company, Inc. in which he handled futures trading accounts of regulated 

commodity 

customers. Joseph E. Siegel knew of such activities by Jack W. Savage, and 

failed to take adequate corrective steps to stop such activities. 

The Commodity Exchange Authority has advised Joseph E. Siegel and The Siegel 

Trading Company, Inc. that the activities as described above were in violation 

of undertakings made by them in the stipulation entered into in CEA Docket No. 

159 and the undertaking entered into by Joseph E. Siegel in his letter to the 

Administrator of September 23, 1970. 

Joseph E. Siegel and The Siegel Trading Company, Inc. agree: 

(1) That Joseph E. Siegel, for a period of one year beginning September 1, 

1972, will not, directly or indirectly, in any capacity whatsoever: 

(a) Be associated with The Siegel Trading Company, Inc. or with any other 

futures commission merchant; 

(b) cause, aid, abet, counsel, command, induce or procure any act or omission 

by The Siegel Trading Company, Inc. or any other futures commission merchant; 

and 

(c) maintain an office or conduct business from or adjoining any office of 

The Siegel Trading Company, Inc. or of any other futures commission merchant. 

Provided, however, that during such period Joseph E. Siegel may execute 

transactions for his own account or have transactions executed by others for his 

own account, and may have such transactions carried by a futures commission 

merchant other than The Siegel Trading Company, Inc. Provided, further, that 

during such period Joseph E. Siegel may execute transactions for his own account 

on the market conducted by the International Monetary Market of the Chicago 

Mercantile Exchange and report the execution of such transactions to Alvin C. 

Winograd for clearance by The Siegel Trading Company, Inc. 

(2) That this stipulation is admissible as evidence of such acts and 

practices in any future proceeding based upon acts or practices in addition to 

those referred to herein which may be brought by the Secretary of Agriculture 

against either of them under the provisions of the said Act. 

(3) That if after opportunity for hearing in accordance with the provisions 

of section 6(b) of the said Act, Joseph E. Siegel or The Siegel Trading Company, 

Inc. is found to have violated 

the agreement set forth herein, such violation will constitute an admission that 

Joseph E. Siegel is unfit to be associated with any futures commission merchant 

in any capacity and that The Siegel Trading Company, Inc. is unfit to act as 

futures commission merchant, and that good cause exists under section 8a of the 

said Act for so finding. 
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Joseph E. Siegel and The Siegel Trading Company, Inc. also understand that it 

is the practice of the Commodity Exchange Authority to issue press releases on 

stipulations of compliance and to make them a matter of public record. 

Date: 6/28/72 

The Siegel Trading Company, Inc. 

By: [SEE SIGNATURE IN ORIGINAL] 

[SEE SIGNATURE IN ORIGINAL] 

Joseph E. Siegel 

LOAD-DATE: June 16, 2008 
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