WASHINGTON, D.C. – Joel Bronstein, owner and principal of Dearborn Trading, Inc., has been charged with failing to file a required liquidation statement with the Commodity Futures Trading Commission (CFTC), the agency announced August 25, 2011. Bronstein, through his firm Dearborn Trading, operated the commodity pool Dearborn Trading Fund, LLC.
The CFTC order alleges that Dearborn ceased trading activity around June 30, 2009. Despite this, the firm failed to submit the mandatory closing Annual Report – also known as a liquidation statement – within the 90-day timeframe stipulated by CFTC regulation 4.22(c). This constitutes a violation of 17 C.F.R. § 4.22(c) (2009).
As part of the settlement, Dearborn Trading is required to pay a $180,000 civil monetary penalty. Additionally, the firm must file the overdue liquidation statement within 30 days of the order’s official entry. The CFTC acknowledged the assistance of the National Futures Association in bringing the matter to resolution.
CFTC staff members Brian Walsh, Kenneth McCracken, Jessica Harris, Rick Glaser, and Richard Wagner were responsible for the investigation and prosecution of this case. The case was filed and settled in Washington, D.C. on August 25, 2011.
Representatives for Bronstein and Dearborn Trading could not be immediately reached for comment.
Source: CFTC.gov
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