Former MF Global Inc. broker Evan Brent Dooley was sentenced to 5 years in prison for making unlawful unauthorized trades that caused the now-defunct futures firm to lose more than $141 million in 2008, Bloomberg News reported yesterday. The sentence, half of what the government sought, was imposed yesterday by U.S. District Judge Robert M. Dow. Dooley pleaded guilty in December to two counts of violating speculative position limits under the Commodities Exchange Act. Each count carried a maximum sentence of five years in prison. He was also sentenced to one year of supervised release and must pay $141 million in restitution. While Dooley was indicted in 2010, more than a year before the bankruptcy filing of brokerage parent MF Global Holdings Ltd., the incident was cited as an example of risk management weakness in a 124-page report analyzing the firm's failure, released this month by trustee Louis Freeh.
