Chicago Options Associates

Davis tried to shield his assets by transferring funds to a law firm, DLA Piper, which had assisted him in buying a home in Florida.

[1][2][3][4] It was founded in 1987 by Michael E. Davis (a 1983 MBA graduate from the University of Chicago) and Oliver R. W. Pergams, who received a bachelor's degree from that school in 1981.

[13][14][15] He was adept at determining future movements of foreign currencies and interest rates,[16][17] and Davis mentored Wales in more-aggressive financial trading.

[20][21] In 2007, the company was the subject of a decision in a lawsuit before the Illinois Supreme Court[3][22] when a creditor argued that it was owed monies from the defendants after judgments were obtained against them.

[22][23] In Dowling v Chicago Options Associates, Inc, the Illinois Supreme Court ruled that preemptive retainers used by attorneys were acceptable arrangements with clients.

[26] After the court entered its judgement against him, Davis then tried to shield his assets from the plaintiff[26] using his attorney-client relationship with the law firm of DLA Piper to assist him in buying a home in Florida.

[26] The Illinois Supreme Court reversed the circuit-court decision, ruling that the retainer was the property of DLA Piper and not Dowling.

[4][34][35] The Illinois Bar Journal observed in 2009, "The starting point for any discussion of getting paid for work in the private practice of law is retainer fees.