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United States v. Sanders

688 F. Supp. 367 (1988)

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United States v. Sanders

United States District Court for the Northern District of Illinois
688 F. Supp. 367 (1988)

  • Written by Brett Stavin, JD

Facts

The federal government (plaintiff) charged Thompson Sanders (defendant) and three codefendants with fraudulent trading on the Chicago Board of Trade (CBT) in violation of the Commodity Exchange Act (CEA). Allegedly, Sanders and his codefendants conspired to engage in risk-free trading on the CBT. As part of the scheme, Sanders and codefendant David Pelleu stole, obtained, and created false, bogus, and counterfeit CBT trading jackets and identification credentials. The other two codefendants, Daniel Dewey and Daniel Kolton, used those credentials, along with wigs and cosmetic disguises, to enter into restricted CBT trading areas. Once in the trading area, Dewey placed orders to buy and sell Treasury bond commodities with various floor brokers. The trading cards were subsequently transferred to Sanders. If the trades turned out to be profitable, the codefendants would claim the trade with the clearinghouse of the CBT. If the trades were not profitable, they were not claimed. The scheme resulted in risk-free trading, at the expense of the other floor brokers’ customers. Sanders moved to dismiss the indictment, asserting that the indictment did not state a claim for fraud under the CEA because the CEA prohibited defrauding only public customers, not commodity traders and brokers.

Rule of Law

Issue

Holding and Reasoning (Aspen, J.)

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