2 CBOT traders charged with swindling customers of millions

Two Chicago Board of Trade floor traders have been charged with swindling customers out of $2.1 million through non-competitive trades in Five-Year Treasury Note futures.

Forty-six-year-old Edward C. Sarvey and 49-year-old David G. Sklena were charged Tuesday in an 11-count federal fraud indictment.

Sarvey was accused of selling 2,274 futures contracts belonging to customers in April 2004 to Sklena at below the best price. Sklena allegedly sold 485 contracts back to him and they sold the contracts at the going rate for a $2.1 million gain.

Sklena defense attorney Thomas A. Durkin was not immediately reached for comment. The name of Sarvey's lawyer was not immediately available.