-32-
offset, resulting in losses of approximately $1,772,000, including
commissions for 1979.25
Mr. Maduff posited that in every case, when these positions
were first established, Tandrill made contrary straddle
transactions in the same quantity in a different delivery month of
the same futures contract. When these positions were closed out,
Tandrill replaced them with a like quantity of contracts in the
same futures contract but in a different delivery month, at the
same time retaining into a subsequent year the profitable positions
that had been established at the same time as these loss positions
25 The closed-out losing trades were as follows:
Source No. Date Quantity Description Loss
330011 11/23/79 164 Apr. 81 gold $264,032.80
330010 11/21/79 75 May 80 silver 183,837.50
330012 11/23/79 44 May 80 silver 104,933.80
330013 11/23/79 240 Dec. 80 silver 352,253.00
330014 11/27/79 108 Mar. 81 silver 183,026.60
330015 11/28/79 75 Mar. 80 silver 127,317.50
330016 11/28/79 176 Sept. 80 silver 313,250.20
330029 12/16/79 3 Dec. 80 silver 138,110.70
330019 11/21/79 10 Mar. 80 copper 10,819.00
330020 11/23/79 10 Mar. 80 copper 13,569.00
330028 12/3/79 20 July 80 copper 49,388.00
330028 12/7/79 20 Sept. 80 copper 28,138.00
330029 12/18/79 20 July 80 copper (612.00)
330029 12/19/79 20 July 80 copper 4,138.00
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