A Tennessee man has been sentenced to five years in federal prison for making unauthorized wheat futures trades through the Chicago Board of Trade causing MF Global Inc. to lose $141 million.
Federal prosecutors say 45-year-old Evan Brent Dooley of Mount Pleasant, Tenn., was sentenced Tuesday in Chicago. U.S. District judge Robert Dow Jr. also ordered Dooley to pay more than $141 million in restitution to MF Global Inc. Dooley pleaded guilty in December to two counts of violating the Commodity Exchange Act.
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Dooley is to begin his sentence on June 18. He was indicted in April 2010.
MF Global deactivated Dooley's account and liquidated the remainder of his position when it learned about the trades.