IN BRIEF : Wig Scam Nets Fines, Suspensions
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CHICAGO — The Chicago Board of Trade has fined and suspended six men linked to a scheme in which a trader donned a wig and used fake identification to gain access to privileged information, CBOT officials said today.
The six CBOT members were fined between $5,000 and $50,000 each and suspended for periods ranging from 15 days to 10 years.
The traders were linked through federal court testimony last summer to the wig scheme masterminded by veteran trader Thompson B. Sanders, 45. Sanders was sentenced last November to six years in prison.
Sanders was found guilty of engineering the scheme in which Daniel Dewey, another former CBOT trader, donned a wig and used stolen trader badges and jackets to gain access to a restricted area in proximity to the Treasury bond trading pit.
The government claimed that because of the disguises, Sanders, Dewey and others in the scheme were able to claim $30,000 in trading profits without detection. Dewey was sentenced to five years in prison.
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