Man guilty of unauthorized futures trading; faces $1M fine
by Associated Press
Published: December 12,2012
OLIVE BRANCH — A Mississippi man has pleaded guilty to making unauthorized wheat futures trades through the Chicago Board of Trade causing MF Global Inc. to lose $141 million.
Federal officials in Chicago said 44-year-old Evan Brent Dooley of Olive Branch entered the plea to commodities trading violations. Authorities say he made large, unauthorized overnight trades through his own account. They say Dooley made the trades knowing he couldn’t pay for potential losses.
Dooley is free on bond pending sentencing in March. He faces up to 10 years in prison and a $1-million fine. Authorities say he made the trades associated with MF Global’s office in Memphis, Tenn., in February 2008.
MF Global deactivated Dooley’s account and liquidated the remainder of his position when it learned about the trades.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- DMR pays accounting firm more than double contract's worth
- Justice Department files complaint against tax preparer
- Following ruling, Entergy to hand over records to county
- Chris McDaniel gets a thank you note from Travis Childers
- Report: State's emergency care ranks highest in Southeast
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- Union-restricting legislation moves forward
- George’s Girls put shopping skills to work
- Mississippi ag aviation plays a critical role in production and profitability