Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, February 29, 2008

MF Global Loses $141.5 Million in Unauthorized Trades

MF Global, the commodities brokerage firm, accused one of its traders, Evan Dooley, of making unauthorized trades on early on Wednesday that resulted in a $141.5 million loss for the firm. Dooley bought as many as 15,000 wheat futures (about 10% of the market) a month.  The firm had deactivated its electronic controls, intended to prevent unauthorized trades, for Dooley because the controls slowed down transactions.  NYTimes, Trader Accused of Betting Money He Didn’t Have; WSJ, Safety Net Breaks Again.

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