Posted AT 10:29 AM EST on 28/02/08
Rogue wheat trader loses $141-million
NEW YORK — A rogue trader at MF Global Ltd. rang up $141.5-million (U.S.) in losses on the broker's account this week, the company said Thursday.
The New York-based company said that on Wednesday morning it detected a trader at one of its U.S. branches trading wheat contracts in amounts that exceeded how much he was allowed to trade.
MF Global fired the trader and liquidated the wheat contracts, which led to a $141.5-million loss.
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