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>Steven J. Karvellas, the owner of ...
>Steven J. Karvellas, the owner of Steven J. Karvellas & Co.Inc., a New York natural-gas-trading company and the chairman of both the compliance review and adjudication committees for the exchange, admitted that he delayed his client's orders so he could place his own trades ahead of theirs.
The fraudulent trading occurred between September 2002 and May 2003, according to the New York County
District Attorney's Office.
As a result, customer orders were executed at a less favorable time or not at all.After pleading guilty to two felony counts related to illegal natural-gas trading, Mr. Karvellas, who is also the owner of Commercial Brokerage Corp.
LLC of New York, an introducing broker, was sentenced to five months in jail, to be followed by five months of probation.Also, he
was forced to disgorge $850,000 in profits and fines, and to forfeit his
license to trade commodities.
In addition to Mr. Karvellas
, three other individuals also pleaded guilty to charges of trading ahead of customer orders.
NYMEX.com - Press Releases
They are: Richard Schaeffer, Kevin McDonnell, George Gero, Steven Forman, Steven Karvellas, Melvyn Falis, Joseph Cicchetti, and Eric Bolling.
...Mr. Karvellas, who was elected to his third term in the floor broker category, has been on the Exchange board since 1996, and previously served on the board of governors and executive committee of the Commodity Exchange, Inc. (COMEX), prior to the NYMEX/COMEX.The owner of Steven J. Karvellas & Co., he serves as chairman of the natural gas advisory, floor broker advisory, and adjudication committees and has been on the Exchange executive committee since 1998.Mr. Karvellas began his career on the trading floor in 1981 as a clerk, after majoring in finance at the University of Pennsylvania.He became a COMEX member in 1984, and a NYMEX member in 1990.
NYMEX.com - Press Releases
New York, N.Y., March 15, 2005 , The shareholders of NYMEX Holdings, Inc., and the New York Mercantile Exchange, Inc., today elected Richard Schaeffer as vice chairman of the board and the following individuals to other positions on the Exchange board of directors: Stanley Meierfeld, Kevin McDonnell, Steven Karvellas, A. George Gero, Eric Bolling, Harvey Gralla, and Melvyn Falis.
was elected to his
fourth term in the floor broker category.He has been an independent floor broker and a member of Exchange since 1990.He has been a board member since 1996 and served on the executive committee from 1998 to 2002.Mr. Karvellas serves as the chairman of the adjudication, compliance review, and natural gas advisory committees, and as co-chairman of the NYMEX Charitable Foundation.Mr. Karvellas also serves as vice chairman of the floor broker advisory committee. Mr. Karvellas began his career as a member of Commodity Exchange, Inc. (COMEX), in 1984.He was elected to the COMEX board of governors in 1987 and was elected to the executive committee representing the floor group of COMEX in 1989.
STEVEN KARVELLASDirector since 1996Age 43 Member since 1990 Mr. Karvellas has been an independent floor broker since 1990.Mr. Karvellas has been a member of both NYMEX Exchange and the COMEX Division since that time.He has been a member of the Board of Directors since 1996 and served on the Executive Committee for four consecutive years.Mr. Karvellas
has 11 chaired the Adjudication, Floor Broker Advisory, Natural Gas Advisory, and Arbitration Committee.He has also served as the vice chairman of the Compliance Review Committee, Marketing Committee, and the NYMEX Charitable Foundation.Mr. Karvellas began his career as a member of COMEX in 1984, was elected to the COMEX Board of Governors in 1987, and was elected to the Executive Committee representing the floor group of COMEX in 1989.