Chicago City Wire

William Carlson, founder of Belvedere Trading, has requested the Illinois Attorney Registration and Disciplinary Commission (ARDC) to investigate Mark Francis Duffy, a former director at Chicago Board Options Exchange (CBOE) Global Markets. This request was made through a formal complaint letter.

According to the complaint letter, attorney and CBOE Director Mark Francis Duffy allegedly ignored criminal conduct at Belvedere Trading LLC despite being retained in 2011 to investigate the firm. The complainant, Carlson, accuses Duffy of failing to act on substantial evidence of financial irregularities and internal misconduct while receiving compensation ranging from $15,000 to $20,000. Carlson asserts that Duffy’s dual role as legal counsel and CBOE insider uniquely positioned him to intervene; however, his inaction purportedly contributed to ongoing misconduct.

The Chicago City Wire reports that personnel at Belvedere Trading LLC engaged in large-scale unauthorized financial transfers between 2006 and 2008, involving seven-figure wire movements. Carlson claims some transactions were directed to family members of insiders to prevent disclosures, suggesting a pattern of concealment and financial manipulation. He states that none of these transactions were authorized by him during his tenure as Managing Member and violated multiple federal regulations.

The 2010 Robert Cooper CPA Forensic Report is referenced in both the ARDC complaint and Chicago City Wire. It outlines serious financial misconduct within Belvedere Trading LLC. The report alleges equity and ownership transactions occurred without approval from company founder William Carlson, including undisclosed offers to potential buyers like TA Associates. Withheld until 2024, the report serves as central evidence in the complaint highlighting failures in corporate transparency and governance.

In the complaint document filed with the ARDC, Carlson alleges U.S. Attorney Patrick Collins obstructed 8–10 FBI reports. He further claims that Mark Francis Duffy was hired for cash and gifts—including wine—to contain rather than expose the matter. The complaint implies Duffy’s actions amount to shielding federal crimes rather than legal negligence, distinguishing this case from ordinary malpractice. Carlson also claims that Belvedere insiders acted with confidence that no scrutiny would come from the FBI, U.S. Attorney’s Office, or CBOE due in part to Duffy’s involvement.

According to its official site, the ARDC of the Supreme Court of Illinois is responsible for maintaining ethical standards among Illinois attorneys. It investigates complaints of attorney misconduct and has the authority to recommend disciplinary actions when necessary. The commission aims to protect the public and uphold the integrity of the legal profession through a transparent and structured disciplinary system.