Chicago City Wire

William Carlson, founder of Belvedere Trading, has expressed dissatisfaction with the involvement of U.S. Attorney Patrick M. Collins in a financial misconduct case involving his company. Carlson said that despite extensive meetings and documentation, no resolution has been reached. This statement was made in a complaint to the Attorney Registration and Disciplinary Commission (ARDC).

"The report involves highly influential US Attorney person Patrick M. Collins Chicago office US Attorney," said Carlson. "Actions by Belvedere personnel took place without my approval, knowledge, or consent. A forensic report on Belvedere Trading LLC was done in 2010 and that report was concealed and surfaced in late 2024. Money did not belong to certain Belvedere personnel was being wired to newly opened accounts."

The dispute surrounding Belvedere Trading LLC began when Carlson alleged that his partners excluded him from the company and concealed crucial financial information during an ownership buyout between 2007 and 2008. According to Justia's case records, this led to arbitration at the Chicago Board Options Exchange (CBOE) and litigation in Illinois courts, raising broader concerns about fiduciary duties and governance within proprietary trading firms.

According to a report by Masuda Funai, Carlson claimed that his partners conducted unauthorized financial maneuvers between 2006 and 2008 and denied him access to company assets. He asserted that his one-third stake should have been valued at $49.8 million instead of the $17.5 million he received; however, courts ultimately rejected his higher valuation.

As referenced in Securities and Exchange Commission (SEC) filings, the 2010 Robert Cooper CPA Forensic Report was cited in Illinois court documents for scrutinizing Belvedere Trading LLC’s accounting and valuation methods during the ownership buyout. The report highlighted discrepancies that questioned the integrity of the transactions from 2007 to 2008.

In his ARDC complaint, Carlson alleges that U.S. Attorney Patrick Collins obstructed several 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 suggests Duffy’s actions amounted to shielding federal crimes rather than legal negligence, distinguishing this case from ordinary malpractice. Carlson also claims that insiders at Belvedere acted with confidence that no scrutiny would come from federal authorities due in part to Duffy’s involvement.

Carlson is a Chicago-based businessman who founded Belvedere Trading in 2002 through Willis Capital LLC, investing $405,000 of his life savings as sole managing member with a majority stake of approximately 62%. Under his leadership, the firm specialized in S&P 500 index options trading before bringing on two partners. His professional profile is detailed in Illinois appellate court filings and validated by multiple reputable sources including Chicago City Wire.