Lewis J. Borsellino

From MarketsWiki
Jump to navigation Jump to search


R1 220074 Ad-2-animated.gif



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[edit]

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[edit]

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[edit]

Borsellino earned a bachelor's degree from DePauw University.

References[edit]

John Lothian News logo1.png

@JohnLothian Twitter Feed

@JohnLothian:
https://t.co/F1PaGl6ZWa— John Lothian (@JohnLothian) August 11, 2022

View Page

@business: David Bowie has been named Britain's most influential artist of the last 50 years for his ability to transcend music, film and fashion
David Bowie has been named Britain's most influential artist of the last 50 years for his ability to transcend music, film and fashion https://t.co/XO1jelfyfY— Bloomberg (@business) August...

View Page

@business: US Senator Elizabeth Warren criticized Fed Chair Jerome Powell for withholding information on trading by central bank officials during the pandemic
US Senator Elizabeth Warren criticized Fed Chair Jerome Powell for withholding information on trading by central bank officials during the pandemic https://t.co/SGEK2o0oL5— Bloomberg (@business...

View Page

@JohnLothian: Ukraine Wins Payment Pause for $20 Billion of Foreign Bonds - Bloomberg
Ukraine Wins Payment Pause for $20 Billion of Foreign Bonds - Bloomberg https://t.co/BrV0YQp0Yn— John Lothian (@JohnLothian) August 11, 2022

View Page

@JohnLothian: Instinet’s chief executive officer for Asia departs for pastures new
Instinet’s chief executive officer for Asia departs for pastures new https://t.co/BMmEbhHvru— John Lothian (@JohnLothian) August 11, 2022

View Page

@JohnLothian: Liquidnet’s global head of equities departs after eight years with the firm
Liquidnet’s global head of equities departs after eight years with the firm https://t.co/frIcAwz2Iq— John Lothian (@JohnLothian) August 11, 2022

View Page

We visit more than 100 websites daily for financial news (Would YOU do that?). Read the John Lothian Newsletter.