Beverly Gordon - Page 10

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               During 1986, Mr. Gordon sustained a total net loss of                  
          $319,973 (net trading loss) from his activities as an options               
          market maker.8  Because of that loss, Mr. Gordon owed Wagner                
          Stott approximately $185,000, which he was unable to repay.  He             
          instead agreed that Wagner Stott sell his AMEX seat, which it did           
          for $249,000 on January 19, 1987.  Wagner Stott applied those               
          sale proceeds to the amount that Mr. Gordon owed it and remitted            
          the difference to Mr. Gordon.                                               
               Sometime between January and July 1987, Mr. Gordon and                 
          another individual formed a partnership that operated under the             
          name Ronald Gordon and Company (partnership) and that leased a              
          seat on the AMEX for a six-month period that commenced on July              
          24, 1987, and terminated on January 21, 1988.  Mr. Gordon oper-             
          ated as an options market maker on the AMEX on behalf of that               
          partnership for a one-month period between July and October 1987            
          during which losses were sustained.  The partnership terminated             
          its lease of the AMEX seat prior to the expiration of its lease             
               Throughout the period that commenced sometime in October               
          1987 until sometime in January 1988, Mr. Gordon was employed by             
          Drexel, Burnham, Lambert as an upstairs trader.                             
               Throughout the period that commenced sometime in January               
          1988 until sometime in 1989, Mr. Gordon was employed by MKI                 

          8  The record does not disclose the gain or loss that resulted              
          from each option that Mr. Gordon traded during 1986.                        

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