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This profile was last updated on 4/9/08  and contains information from public web pages.

Mr. Steven J. Karvellas

Wrong Steven J. Karvellas?
 
Background

Employment History

Board Memberships and Affiliations

  • Chairman of the Natural Gas Advisory, Floor Broker Advisory and Adjudication Committees
    Steven J. Karvellas & Co.
  • Position, Executive Committee
    Commodity Exchange , Inc.
  • Member
    Commodity Exchange , Inc.
  • Independent Floor Broker and A Member
    Exchange
  • Board of Governors
    Comex
  • Position, Executive Committee
    Comex

Education

  • finance
    University of Pennsylvania
44 Total References
Web References
>Steven J. Karvellas, the owner of ...
www.investmentnews.com, 9 April 2008 [cached]
>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
nymex.mediaroom.com, 19 Mar 2002 [cached]
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
nymex.mediaroom.com, 15 Mar 2005 [cached]
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.
...
Mr. Karvellas 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 ...
www.sec.gov, 6 Mar 2003 [cached]
STEVEN KARVELLAS
Director since 1996
Age 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.
...
* Steven Karvellas
New York County District Attorney's Office
manhattanda.client.tagonline.com, 8 April 2008 [cached]
STEVEN J. KARVELLAS, pleaded guilty to violating New York's Martin Act and to Tampering With Physical Evidence, both E felonies. From 1996 to 2006, Karvellas served as a member of NYMEX's Board of Directors and, from 2000 to 2003, as Chairman of both the Compliance Review Committee and the Adjudication Committee of NYMEX. KARVELLAS is the owner of two companies, Steven J. Karvellas and Co., a natural gas trading company, and Commercial Brokerage Corp., an introducing broker, both located at One North End Ave, Manhattan.
In pleading guilty, KARVELLAS admitted that from September 2002 to May 2003, while working as a floor broker at NYMEX, he intentionally engaged in fraudulent trading in the natural gas market. He admitted that he delayed the execution of customer orders to buy or sell natural gas contracts to see in what direction the market was moving. If the market price moved in a direction that made the customer order immediately profitable, KARVELLAS would allocate the contracts to himself rather to the customer. In this manner, he violated his obligation to faithfully execute his customers' orders, and stole trading profits that rightly belonged to his customers. As a result, customer orders would then either be executed at a less favorable price, executed at a later time or not executed at all. This pattern of misappropriating customer orders enabled him to engage in risk free investing for his own account and deprived his customers of the profits they would have realized had he made the trades properly.
KARVELLAS also admitted to tampering with physical evidence. Once he became aware of the investigation into trading practices on the Exchange's floor and that certain records had been subpoenaed by a New York County Grand Jury, KARVELLAS ordered a subordinate to destroy a trading ticket which would have exposed his illegal trading practices.
KARVELLAS entered his guilty pleas before Acting Supreme Court Justice Daniel Fitzgerald. KARVELLAS has been promised a sentence of five months in jail to be followed by five years probation. KARVELLAS will also disgorge $850,000 in profits and fines.
...
STEVEN J. KARVELLAS, 12/14/1959
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