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Commodity Futures Trading Commission 

CEA CASES 

NAME: ULTRADE CORPORATION, OMER D. LABRIE, MELVIN A. ROSS, AND PETER A. THATCHER 

CITATION: 30 Agric. Dec. 1633 

DOCKET NUMBER: 180 

DATE: NOVEMBER 8, 1971 

DOCUMENT TYPE: DECISION AND ORDER 

(No. 14,266) 

In re ULTRADE CORPORATION, OMER D. LABRIE, MELVIN A. Ross, and PETER A. 

THATCHER. CEA Docket No. 180. Decided November 8, 1971. 

Violation of financial requirements -- Cease and desist -- Consent order -- 

Dismissal of complaint against Peter A. Thatcher

Respondents Ultrade, LaBrie and Ross consented to the issuance of a cease and 

desist order against them for their failure to meet minimum financial 

requirements during the period June 5 -- July 15, 1970. The complaint against 

Peter A. Thatcher is dismissed on recommendation of complainant. 

John Broadley for Commodity Exchange Authority. 

Burns & Levison, Boston, Mass., for respondents Ultrade and Ross. 

Respondents Thatcher and LaBrie pro se. 

Decision by Donald A. Campbell, Judicial Officer

PRELIMINARY STATEMENT

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

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

August 23, 1971. The complaint charged the respondents with wilful violations 

of section 4f of the Act (7 U.S.C. 6f), and section 1.17 of the regulations 

issued thereunder (17 CFR 1.17). No hearing has been held. Respondents Ultrade 

Corporation, Omer D. LaBrie and Melvin A. Ross have filed a document under 

section 0.4(b) of the rules of practice (17 CFR 0.4(b)), in which they admit the 

facts set forth in the Findings of Fact, waive hearing and the Report of the 

Referee, and consent to the entry of the order contained herein. The 

complainant has recommended that the complaint be dismissed insofar as it 

relates to respondent Peter A. Thatcher. 

FINDINGS OF FACT

1. Respondent Ultrade Corporation is now, and was at all times material 

herein, a corporation organized and existing under the laws of the State of 

Massachusetts. At all such times up until 

January 1, 1971, the said corporation was a registered futures commission 

merchant under the Commodity Exchange Act, and at all such times up until on or 

about December 8, 1970, was engaged in commodities for future delivery for the 

accounts of customers and holding for such customers sums of money, representing 

deposits of margin by and trading profits accruing to such customers. At all 

times while so engaged, the said corporation was subject to the minimum 

financial requirements specified in section 1.17 of the regulations under the 

Commodity Exchange Act (17 CFR 1.17). 
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2. Respondent Omer D. LaBrie was at all times material herein up to July 8, 

1970, the president of the respondent corporation. Respondent Melvin A. Ross 

was at all times material herein after on or about July 10, 1970, the president 

of the respondent corporation and chairman of its board of directors. In such 

capacities, the said individual respondents had responsibility for the 

management, direction and control of the activities of the corporate respondent. 

3. During the period between June 5 and July 15, 1970, both inclusive, and on 

August 31, 1970, respondent Ultrade Corporation engaged as a registered futures 

commission merchant under the Commodity Exchange Act while failing to meet the 

minimum financial requirements prescribed by section 1.17 of the regulations 

issued by the Secretary of Agriculture under the Act. The respondent 

corporation lacked approximately $ 57,000, $ 51,000, $ 31,000 and $ 16,000, on 

June 5, June 15, June 30 and August 31, 1970, respectively, of having enough 

working capital to meet such minimum financial requirements. 

CONCLUSIONS

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

that respondents Ultrade Corporation, Omer D. La-Brie and Melvin A. Ross 

wilfully violated section 4f of the Commodity Exchange Act (7 U.S.C. 6f), and 

section 1.17 of the regulations thereunder (17 CFR 1.17). The complainant 

states that the administrative officials of the Commodity Exchange Authority 

have carefully considered the stipulation submitted by the respondents. 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 further states 

that respondent Thatcher was associated with the respondent corporation 

for a brief time during the period in question and that, under all the 

circumstances, effective administration of the Act does not require further 

proceedings against respondent Thatcher. The complainant recommends, therefore, 

that the stipulation of respondents Ultrade Corporation, Omer D. LaBrie and 

Melvin A. Ross be accepted and the proposed order be issued. Complainant also 

recommends that the complaint be dismissed insofar as it relates to respondent 

Peter A. Thatcher. It is concluded that the complainant's recommendation should 

be adopted. 

ORDER

Effective on the date of service of this order upon respondent Ultrade 

Corporation, it shall cease and desist from engaging as futures commission 

merchant without meeting the minimum financial requirements prescribed by 

section 1.17 of the regulations (17 CFR 1.17) issued under the Commodity 

Exchange Act. 

Effective on the date of service of this order upon respondents Omer D. 

LaBrie and Melvin A. Ross, they shall cease and desist from wilfully causing, 

aiding, abetting, counseling, commanding or inducing Ultrade Corporation, or any 

other futures commission merchant, to engage as futures commission merchant 

without meeting the minimum financial requirements prescribed by section 1.17 of 

the regulations (17 CFR 1.17) issued under the Commodity Exchange Act. 

The complaint is dismissed insofar as it relates to respondent Peter A. 

Thatcher. 

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

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