Unauthorized Futures Trades Cost Firm $141.5M

Law360, New York (February 29, 2008, 12:00 AM EST) -- A trader who took a huge gamble on wheat futures with unauthorized trades has lost his firm, MF Global, $141.5 million in a single day.

Chicago-based futures broker MF Global said on Thursday that it had terminated the employment of Evan B. Dooley, a trader who had worked at the firm since 2005.

Due to a loophole in one of the firm's trading mechanisms, Dooley was able to make a series of risky investments in wheat futures using the firm's money.

The firm said on Thursday...
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