- 3 - broker as a member of a brokerage association consisting of petitioner, Richard Lowrance, and Patrick Maloney. Petitioner initially was employed as an assistant to Mr. Lowrance during 1982 and, beginning during 1984 and continuing at least through the end of 1989, worked as an order filler for Mr. Lowrance. Petitioner paid Mr. Lowrance a portion of the commissions petitioner earned. Petitioner executed orders as a floor broker in a trading pit at the CME. Customers would signal an order to a clerk, who would bring it to petitioner, and petitioner would attempt to execute it as quickly as possible while obtaining the best price. Petitioner was responsible for the restitution of any money lost by reason of errors made in filling a customer's order, which errors could involve sums from $25,000 to over $100,000. During busy times, petitioner could have 50 to 100 orders of various types to be executed. Petitioner might make 200 trades in 1 day. Competition for customers' orders was keen; a broker could lose customers for repeated failures to fill orders on the terms they specified and could attract customers by claiming the ability to provide the best service available. As many as 300 or 400 others also worked in the pit, and petitioner traded with persons all over the pit, but it was easier to trade with persons near him. Petitioner and the other members of his brokerage association stood together in the pit, and it was therefore easy for them to trade with one another. Each of petitioner's trades usuallyPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011