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Richard Illingworth
Petitioner first met Richard Illingworth at a social gathering
in Miami in late 1977 or early 1978. Petitioner informed Mr.
Illingworth that he was looking for investment opportunities. In
that regard, Mr. Illingworth explained to petitioner how he could
benefit from trading in commodity futures as well as option spreads
involving Government securities. They discussed the possibility of
forming a partnership that would engage in the trading of option
spreads and commodity futures.
Mr. Illingworth was educated in England and in the late 1960's
entered the commodities business. He first worked at the London
Metal Exchange for the Rudolf Wolff Co., a London metal broker and
commodity trader. In 1971, he moved to the United States, where he
was employed by C. Tennant Sons & Co., a metals and futures trading
company. Two years later, Mr. Illingworth moved to ICC Metals (a
division of International Chemical Corp.) where he traded in copper
and other metals. Subsequently, he worked for Gill & Duffus under
a trader named Herbert Weiss.
In 1977, Mr. Illingworth formed Manhattan Metals (Nonferrous)
Ltd. (Manhattan Metals), a New York corporation, involved in
physical commodities and futures trading. He was the largest
Manhattan Metals shareholder and had a controlling interest.2 Mr.
2 The remaining stock was owned by Mr. Illingworth’s
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