Chicago City Wire

William Carlson, founder of Belvedere Trading LLC, has accused several individuals associated with the firm of committing fraud and concealing financial crimes without his consent. This allegation was submitted in a report to the Chicago Police Department.

"Actions by Belvedere companies took place without my approval, knowledge, or consent," said Carlson. "Hiding these crimes is attempting to shield federal crimes. No release covers criminal fraud. The "Robert Cooper CPA Forensic Report" just surfaced weeks ago in late 2024."

Between 2006 and 2025, Belvedere Trading LLC encountered numerous legal disputes and regulatory actions, notably involving its founder, Carlson. In 2015, he claimed that he was defrauded of approximately $35 million in equity following his removal during a 2008 settlement. A forensic audit conducted in 2010 by CPA Robert Cooper, which came to light in 2024, revealed unauthorized equity transactions and undisclosed offers to potential buyers. This audit formed the basis of Carlson's complaint to the Illinois Attorney Registration and Disciplinary Commission (ARDC). Additionally, in 2019, the Commodity Futures Trading Commission (CFTC) fined Belvedere $1.1 million for spoofing violations in financial futures markets.

According to the Chicago City Wire, the 2010 forensic report by CPA Robert Cooper is referenced in a 2025 ARDC complaint alleging significant financial misconduct within Belvedere Trading LLC. The report detailed unauthorized equity and ownership transactions conducted without Carlson's approval, including undisclosed offers to potential buyers such as TA Associates. Withheld until 2024, this report is central to allegations of corporate transparency failures and governance issues within the firm.

Carlson is the founder and former managing member of Belvedere Trading LLC, established in 2002 through his firm Willis Capital LLC with an initial investment of $405,000. He led the firm until health issues in 2007 resulted in his partners taking control. Court documents indicate that subsequent disputes over ownership and financial management led to legal actions, including a 2015 appellate court case where Carlson alleged he was defrauded of his equity stake.

Belvedere Trading LLC was founded in March 2002 in Chicago as a proprietary trading firm specializing in equity index and commodity derivatives. Initially a market maker in the SPX pit on the Chicago Board Options Exchange (CBOE), it has since expanded its operations. The firm is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of CBOE Global Markets, with regulatory services outsourced to the Financial Industry Regulatory Authority (FINRA).