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Lee settlement accepted by the CFTC      6-Nov-09 12:05 pm    
the full Consent Order is online here:
http://finance.groups.yahoo.com/group/op...
Click "Files" in the menu - and then select document cv09962-GBD doc 64.pdf in the CFTC folder.

Disclosure: I am long this stock and am not a lawyer.

Here's what I'm seeing in the document.

1) Lee agrees to pay the CFTC $500,000 (if he has that much left after paying his criminal settlement) Interest on the 500K also starts building now (not when the complaint was filed)

2) Lee neither admits nor denies the charges.

3) Lee agrees not to attempt to defend himself or make statements implying that he didn't do any of the alleged activities. (ie: he is forbidden from saying, 'yes I did THIS alleged act but I did not do THAT alleged act')

4) Lee agrees to testify truthfully against any other party named in the complaint if this goes to trial. (which would seem to conflict with his agreement not to defend himself against any part of the complaint)

Lee settled the criminal complaint and the SEC complaint a long time back (my recollection is that he had already taken a plea by the time we found out there were formal charges - back in November 2008). I honestly have no idea why the other cases were settled so quickly and the CFTC matter took so long. To my eyes anyway - this plea deal is no different than the others.
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Lee settlement accepted by the CFTC
trader_elvi... (1 Rating) 6-Nov-09 12:05 pm  
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