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U.S. Code as of:
01/03/05
Section 9. Exclusion of persons from privilege of registered entities; procedure for exclusion; review by court of appeals
If the Commission has reason to believe that any person (other
than a registered entity) is manipulating or attempting to
manipulate or has manipulated or attempted to manipulate the market
price of any commodity, in interstate commerce, or for future
delivery on or subject to the rules of any registered entity, or
has willfully made any false or misleading statement of a material
fact in any registration application or any report filed with the
Commission under this chapter, or willfully omitted to state in any
such application or report any material fact which is required to
be stated therein, or otherwise is violating or has violated any of
the provisions of this chapter or of the rules, regulations, or
orders of the Commission or the Commission (!1) thereunder, it may
serve upon such person a complaint stating its charges in that
respect, which complaint shall have attached or shall contain
therein a notice of hearing, specifying a day and place not less
than three days after the service thereof, requiring such person to
show cause why an order should not be made prohibiting him from
trading on or subject to the rules of any registered entity, and
directing that all registered entities refuse all privileges to
such person, until further notice of the Commission, and to show
cause why the registration of such person, if registered with the
Commission in any capacity, should not be suspended or revoked.
Said hearing may be held in Washington, District of Columbia, or
elsewhere, before the Commission, or before an Administrative Law
Judge designated by the Commission, which Administrative Law Judge
shall cause all evidence to be reduced to writing and forthwith
transmit the same to the Commission. Upon evidence received, the
Commission may (1) prohibit such person from trading on or subject
to the rules of any registered entity and require all registered
entities to refuse such person all trading privileges thereon for
such period as may be specified in the order, (2) if such person is
registered with the Commission in any capacity, suspend, for a
period not to exceed six months, or revoke, the registration of
such person, (3) assess such person a civil penalty of not more
than the higher of $100,000 or triple the monetary gain to such
person for each such violation (!2) and (4) require restitution to
customers of damages proximately caused by violations of such
persons. Notice of such order shall be sent forthwith by registered
mail or by certified mail or delivered to the offending person and
to the governing boards of said registered entities. After the
issuance of the order by the Commission, the person against whom it
is issued may obtain a review of such order or such other equitable
relief as to the court may seem just by filing in the United States
court of appeals of the circuit in which the petitioner is doing
business, or in the case of an order denying registration, the
circuit in which the petitioner's principal place of business
listed on petitioner's application for registration is located, a
written petition, within fifteen days after the notice of such
order is given to the offending person praying that the order of
the Commission be set aside. A copy of such petition shall be
forthwith transmitted by the clerk of the court to the Commission
and thereupon the Commission shall file in the court the record
theretofore made, as provided in section 2112 of title 28. Upon the
filing of the petition the court shall have jurisdiction to affirm,
to set aside, or modify the order of the Commission, and the
findings of the Commission as to the facts, if supported by the
weight of evidence, shall in like manner be conclusive.
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