Former wheat trader indicted in $141 million fraud case

A former wheat trader has been indicted on federal charges that he committed fraud that cost brokerage MF Global Holdings Ltd. $141 million in losses.

Evan Dooley exceeded the Commodities Exchange Act's position size limits and committed wire fraud, according to the U.S. District Attorney for the Northern District of Illinois. Prosecutors contend Dooley's actions also caused excessive volatility in the wheat markets.

Dooley's excessive trading came to light in early 2008 when he allegedly over-leveraged on a massive short position, causing prices to rocket upward when he unwound.

Dooley currently lives in Olive Branch, Miss.

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