Helfer Commodities Corp. v. Pellegrino

MEMORANDUM AND ORDER

BRIEANT, District Judge.

Defendant, an Illinois physician, maintained a commodities brokerage account in New York with plaintiff. Defendant assumed an active role in the management of his commodities speculations and would give specific instructions to plaintiff’s personnel concerning trades to be executed on his behalf on the floor of the New York Mercantile Exchange, Inc. and the Commodity Exchange, Inc., commodity futures exchanges located in New York City. Typically, defendant would convey extensive trading instructions by lengthy collect telephone calls to plaintiff’s…