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petitioner. As previously discussed, he was petitioner’s
president and chairman of its board. He was intimately involved
in managing petitioner’s business, closely supervised all of
petitioner’s trading and investment activities in debt and equity
securities, and worked long hours. Among other things, he: (1)
Conducted all of petitioner’s marketing, (2) determined the
securities for which petitioner would be a market maker, and (3)
managed petitioner’s investment portfolio. Besides Mr. Wechsler,
from 1992 through 1997 petitioner had two salesmen, three to five
traders, and one to five assistants working at its trading desk.
Mr. Wechsler spent most of his time at work either in
petitioner’s trading room or in his office adjoining the trading
room, which was only 4 to 5 feet away from the trading desk.
Petitioner’s trading room was a large room that contained a large
trading desk that had four seats on each side and two seats at
each end, with a telephone at each seat position. All of the
traders, institutional sales representatives, and certain support
staff sat together in the trading room. The traders sat at the
central seats of the trading desk, with each trader generally
having five computers. When Mr. Wechsler was in his office, his
office door into the trading room was open 99 percent of the
time.
In managing petitioner, Mr. Wechsler was assisted by three
individuals who had worked for petitioner for a number of years:
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