Ex-MF Global Broker Sentenced To 5 Years For Rogue Trades

Jail

Former MF Global broker Evan Brent Dooley was sentenced to five years in prison for making unlawful unauthorized trades that caused the now-defunct futures firm to lose more than $141m in 2008.

The sentence, half of what the government sought, was imposed by U.S. District Judge Robert M. Dow in Chicago. Dooley, who pleaded guilty in December to two counts of violating speculative position limits under the Commodities Exchange Act, was also ordered to serve one year of supervised release and to pay $141m in restitution.

'I stand before you today broken, humbled, a deeply remorseful man', Dooley told Dow in a choked voice before being sentenced yesterday. 'I ask that you have mercy on me'.

Dooley was indicted in 2010, more than a year before the bankruptcy filing of brokerage parent MF Global Holdings. Still, the incident was cited as an example of risk management weakness in a 124-page report released this month by trustee Louis Freeh analyzing the firm’s failure.

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Ex-MF Global Broker Sentenced to 5 Years for Rogue Trades

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