Lewis J. Borsellino

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Lewis J. Borsellino
Lewis J. Borsellino.jpg
Occupation CEO/Owner
Employer Prism Healthcare Group
Location Chicago
Twitter @TRADELBJ
LinkedIn Profile

Lewis J. Borsellino is a well-known independent trader and author. He traded S&P 500 futures, Eurodollar futures and other contracts as a member of the Chicago Mercantile Exchange (CME) starting in 1982.[1]

Background

In the mid-eighties, Borsellino claims to have been responsible for 10 percent of a day's volume in the Standard & Poor's 500 pit and to have accumulated more fines for physical incidents than any other floor member at the CME.[2]

In 2005, the NFA's Business Conduct Committee found that during 2001 to 2003 Borsellino disavowed multiple CME S&P 500 Stock Price Index futures trades, resulting in arbitration claims filed against him. Further, the panel found he refused to participate in the arbitration process in good faith. He was fined $50,000 and forced to sell his exchange membership.[3]

Borsellino is the author of The Day Trader: From the Pit to the PC and The Day Trader's Course: Low-Risk, High-Profit Strategies for Trading Stocks and Futures, both published by by John Wiley & Sons in 2001.[4]

Chicago Trading & Arbitrage, LLC Lawsuit

In 1996, Borsellino formed a company called Chicago Trading & Arbitrage, LLC with former New York Stock Exchange president and Archipelago Holdings founder Gerald Putnam and two software developers, Stuart Townsend and MarrGwen Townsend. The goal was to provide electronic trading to individual day traders. In 1998, Borsellino alleged Putnam and the Townsends tricked him into selling his stake in the company for $250,000, a fraction of its value.[5]

Borsellino sued in 2000, seeking as much as $100 million in damages.[6] In November 2009, Putnam and the Townsends were ordered to pay $11 million to Borsellino.[7]

In December 2011, an Illinois appellate panel overturned the jury's award, ruling that Lewis Borsellino agreed to release the defendants from liability in exchange for $250,000.[8]

Education

Borsellino earned a bachelor's degree from DePauw University.

References

  1. Lewis J. Borsellino. LinkedIn.
  2. The World According to Lewis Borsellino. Derivatives Strategy.
  3. Case Summary. NFA.
  4. Books by Lewis J. Borsellino. Amazon.com.
  5. Ex-NYSE President Putnam Found Guilty Of Fraud. Reuters.
  6. $100M fraud Trial Opens Pitting Borsellino v. Putnam. ChicagoBusiness.
  7. Ex-NYSE President Putnam Found Guilty Of Fraud. Reuters.
  8. Ex-NYSE Euronext Chief Wins Reversal of $11 Million Verdict. Bloomberg.