John Glase Carnegie Trading Group June 27, 2007 For Immediate Release

CLEVELAND- The Commodity Futures Trading Commission's (CFTC) comprehensive attempts to find fault with John C. Glase, former President of the Carnegie Trading Group, through a Motion for Reconsideration of a federal judge's ruling was denied by United States Sixth District Federal Court Judge Donald C. Nugent. The CFTC's request for further injunctive relief against Glase was also denied. The Motion followed a ruling that resulted from a bench trial held before the Court in June, 2004. Glase, a 34-year veteran of the commodities industry, retains his Series 3 Commodities License and the ability to continue his distinguished career in the industry. The Court found "no substantial likelihood that Mr. Glase will commit or permit any other employee to commit any future violation" of the Commodity Exchange Act. In his February 2007 ruling in case no 1: 04 CV 1403, the Honorable Donald C. Nugent stated that, " Mr. Glase operated Carnegie for seven years and had been involved in commodities for more than 30 years without any violations or problems." Judge Nugent further ruled that "when a movant [the CFTC] simply repeats arguments previously presented or presents arguments or law which originally could have been argued, then the movant's proper recourse is an appeal to the circuit court." The Commodity Futures Trading Commission did not appeal to the circuit court and the statutory time frame for such an appeal has expired.