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MFGlobal Trader Pleads Guilty
[ by Larry Goldfarb ]
A rogue trader for now-bankrupt futures brokerage MF Global pleaded guilty on Tuesday to violating commodities trading laws in 2008, causing $141 million in losses. The case was not related to MF Global's bankruptcy in October, 2011. Evan Dooley, who worked in MF Global's Memphis office, made a series of overnight bets in wheat futures on CME Group's electronic trading system, even though he knew he did not have money to cover potential losses.
Dooley guessed wrong and MF Global had to pay for his losses when he was unable to do so. The brokerage was later fined by the Commodity Futures Trading Commission and CME Group Inc for not having the proper tools in place to prevent such unauthorized trading. Dooley faces a maximum prison sentence of 10 years and a $1 million fine.
For more information, please read [Reuters, 12/12/12].
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