UNITED STATES OF AMERICA 


Before the 


COMMODITY FUTURES TRADING COMMISSION 


In the Matter of 

RICHARD ROGERS, 

Respondent. 

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) CFTC Docket No. 89-7 

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Order Granting Respondent's Petition to Modify the Commission's Previous 

Order and Opinion, Dated June 20, 1989 

On June 20, 1989, the Commission entered an Order and Opinion Accepting 

Offer of Settlement of Respondent Richard Rogers ("1989 Order"). In that 1989 Order, 

the Commission found that Rogers had violated then Section 4b of the Commodity 

Exchange Act, 7 U.S.C. 6b, and ordered Rogers to: a) cease and desist from further 

violations, b) pay a civil monetary penalty, and c) comply with his undertaking not to 

henceforth seek registration with the Commission. Since July 1988, Rogers has been a 

registered representative with the Financial Industry Regulatory Authority ("FINRA") or 

its predecessor, the National Association of Securities Dealers, Inc. 

On June 9, 2016, Rogers petitioned the Commission to modify the 1989 Order to 

remove the provision requiring his compliance with his undertaking not to henceforth 

seek registration. In his petition, Rogers represents that he does not seek this 

modification so that he can apply for any registration with the Commission. Rather, he 

states that he is currently 76 years old, seeks to retire and only seeks this modification 

so that he can qualify for a special retirement program with his employer, Wells Fargo 
Advisors LLC. He further represents that he cannot presently qualify for that special 

retirement program because, in his current position as a registered representative under 

the security laws, he is currently subject to "heightened supervision" by FINRA. That 

status was imposed upon Rogers because of his undertaking not to seek registration in 

the 1989 Order. Rogers additionally states that if the 1989 Order is modified as 

requested, he has good cause to petition FINRA to remove this "heightened 

supervision" status and thus become qualified for the special retirement program. 

To date, Rogers has fully complied with the 1989 Order and has not been the 

subject of any final adverse disciplinary determinations since he became a registered 

representative in July1988. Moreover, there are no disciplinary actions currently 

pending against him. 

The Commission established the standard for modifying a Commission order with 

forward-looking sanctions in In re ADM Investor Services, Inc., [1999-2000 Transfer 

Binder] Comm. Fut. L. Rep. (CCH) 1128,236 at 50,459 (CFTC Sept. 30, 2000). In that 

matter, the Commission adopted the general standard in Rule 60(b )(5) of the Federal 

Rules of Civil Procedure, which provides, when evaluating requests for relief from 

judgments, for a determination whether applying sanctions prospectively is no longer 

equitable. Id. at 50,461. In the particular context of a registration sanction, the 

Commission further stated "if a petitioner makes a reliable showing that [he] no longer 

poses a substantial risk to the public, there is no persuasive rationale for continuing a 

registration restriction." Id. at 50,462. 

The circumstances of this petition appear unique in that Rogers represents that 

he has no intention to actually seek registration with the Commission, only seeks to 

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retire, and furthermore will not otherwise engage in any activity subject to the 

Commission's jurisdiction involving customer trading. Moreover, Rogers only seeks to 

modify the registration sanction portion of the 1989 Order. In light of these unique 

circumstances, the Commission finds that Rogers no longer poses a substantial risk to 

the public. Consequently, we modify the 1989 Order in that Rogers is no longer ordered 

to comply with an undertaking not to seek registration with the Commission. All other 

provisions of the 1989 Order remain in effect. 

By the Commission. 

Dated: July 29, 2016 

Christo er J. Kirkpatrick 

Secretary of the Commission 

Commodity Futures Trading Commission 

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