- 10 - 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 term. 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011