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 Tuesday that 44-year-old Evan Brent Dooley of Olive Branch, Miss., 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.
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