By Ann Saphir
CHICAGO, Dec 11 (Reuters) - 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.
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, according to the U.S.
Attorney's office in Chicago.
The case was not related to MF Global's bankruptcy in
October, 2011.
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, the U.S. Attorney's office said.
Dooley is free on bond and sentencing is scheduled for March
8, 2013.
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