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Commodity Futures Trading Commission 

CEA CASES 

NAME: IRVING WEIS AND COMPANY, IRVING WEIS, AND ALEXANDER CYCLEMAN 

DOCKET NUMBER: 39 

DATE: MAY 7, 1946 

DOCUMENT TYPE: COMPLAINT 

UNITED STATES OF AMERICA 

BEFORE THE SECRETARY OF AGRICULTURE 

In re Irving Weis and Company, Irving Weis, and Alexander Cycleman Respondents 

CE-A Docket No. 39 

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

Act 

There being reason to believe that the respondents have violated the 

Commodity Exchange Act (7 U.S.C. Secs. 1-17a), and the rules and regulations 

promulgated pursuant thereto, this complaint is issued alleging the following: 

1. 

Irving Weis and Company is a partnership doing business at 60 Beaver Street, 

New York, New York, and was at the times herein-after mentioned and is now 

registered as a futures commission merchant under the provisions of the 

Commodity Exchange Act. 

2. 

Irving Weis is an individual and a member of the partnership of Irving Weis 

and Company, and was at the times hereinafter mentioned and is now registered as 

a floor broker under the provisions of the Commodity Exchange Act. 

3. 

Alexander Cycleman is an individual and a member of the partnership of Irving 

Weis and Company. 

4. 

The respondents, during the period from June 14, 1945, to November 20, 1945, 

in the manner set forth herein, made, executed, and confirmed the execution of, 

contracts of sale of commodities for future delivery on or subject to the rules 

of boards of trade, and did not evidence such contracts by a record in writing 

showing the true parties to such contracts and their addresses. 

5. 

From the latter part of the year 1944 through November 15, 1945, the 

respondents carried an account on the books of Irving Weis and Company in the 

name of Edith Adelson. The contract ledger sheets and the financial ledger 

sheets on which this account was carried showed only the name Edith Adelson with 

no indication that the account was for any one other than Edith Adelson. 

6. 

On two occasions, namely, November 30, 1944, and March 31, 1945, 

representatives of the United States Department of Agriculture examined the 

records of Irving Weis and Company, including the account carried in the name of 

Edith Adelson, and were not furnished 
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with any information by the respondents to the effect that Edith Adelson was not 

the owner of the account. At the time of these examinations, the lodger sheets 

containing Edith Adelson's account showed only a debit entry of $ 200, and 

indicated no activity in commodity futures. 

7. 

Beginning in June 1945 and through November 15, 1945, the respondents 

executed and entered in the account carried in the name of Edith Adelson 

numerous transactions in cotton futures contracts on the New York Cotton 

Exchange and the New Orleans Cotton Exchange and numerous transactions in grain 

futures contracts on the Board of Trade of the City of Chicago. These 

transactions were consummated pursuant to orders given by E. L. McGuigan, but 

were entered by the respondents in the account of Edith Adelson without any 

indication that any person other than Edith Adelson had any interest in or 

authority in connection with the said account. 

8. 

On October 27, 1945, the representatives of the United States Department of 

Agriculture again examined the records of Irving Weis and Company, including the 

account carried in the name of Edith Adelson, and noted that the said account 

now showed a number of the transactions described in paragraph 7 above. The 

representatives of the United States Department of Agriculture were not 

furnished with any information to the effect that these transactions were 

carried out in accordance with orders given by E. L. McGuigan or that the said 

E. L. McGuigan and not Edith Adelson was the true 

owner of the account. 

9. 

On November 20, 1945, a representative of the United States Department Of 

Agriculture visited the office of Irving Weis and Company and inquired whether 

the account carried in the name of Edith Adelson was not actually that of E. L. 

McGuigan. Respondent Alexander Cycleman then informed this representative that 

the account was that of McGuigan and produced a trading authority dated June 1, 

1945, and signed "Edith Adelson," which trading authority empowered E. L. 

McGuigan to execute orders for the purchase and sale of securities and 

commodities in the account but gave no authority for the withdrawal of funds 

from the account. 

10. 

The acts of the respondents in carrying the account in the name of Edith 

Adelson in the manner described above caused the representatives of the United 

States Department of Agriculture to be deceived as to the true ownership of the 

account, and enabled Reuben Earl McGuigan, alias E. L. McGuigan, alias Louis J. 

Burnstein, to conceal from the representatives of the United States Department 

of Agriculture the fact that he was trading actively in commodities in a manner 

which was in violation of the Commodity Exchange Act (7 U.S.C. Secs. 1-17a). 

Therefore, each of the said respondents is hereby notified to be and appear 

at a hearing to be held at 10:00 o'clock a.m. Eastern Standard Time on the 10th 

day of June, 1946, in Room 602, 60 Beaver Street, New York, New York, before a 

referee to be designated by the Secretary of Agriculture, to conduct such 

hearing, and then and there show cause, if any there be, why an order should not 

be made directing that, until further notice of the Secretary of Agriculture, 

all contract markets refuse all trading privileges to each of such respondents, 

and further, suspending or revoking any registration of the respondents as 

futures commission merchants or floor brokers, as the case may be. 
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The respondents will have 20 days after the receipt of this notice of hearing 

in which to file with the Secretary of Agriculture an answer in triplicate, 

fully and completely stating the nature of the defense and admitting or denying 

specifically in detail each material and relevant allegation of this complaint. 

Any allegations that are not answered will be deemed admitted for the purpose of 

this proceeding. 

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

the named respondents by delivery of a true copy hereof to each of them by an 

employee of the Department of 

Agriculture or by registered mail at least 20 days prior to the date herein set 

for hearing. 

Done at Washington, D. C., this 7th day of May, 1946. 

/s/ CLINTON P. ANDERSON 

Secretary of Agriculture 

LOAD-DATE: June 11, 2008 
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