Board of Trade Commodities Trader Convicted in Disguise Scam
CHICAGO (AP) _ A federal jury has convicted a former member of the Chicago Board of Trade on charges that he and three others used a wig and other disguises to make illegal trades worth $308,000.
Thompson B. Sanders was found guilty of 11 counts of conspiracy, wire and commodities fraud and interstate transportation of stolen property. He faces as much as 55 years in prison and $1.3 million in fines at his Nov. 3 sentencing by U.S. District Court Judge Marvin D. Aspen.
But Sanders, who did not testify in his own defense, said he would appeal the conviction.
″Maybe it was a mistake not taking the stand,″ he told reporters outside the courtroom. ″I thought there was enough evidence standing by itself that I’d be found not guilty.″
The charges stem from four trades of U.S. government bond futures at the CBOT in 1986.
The government charged that Sanders and three accomplices - Dan Dewey, Dan Kolton and David Pelleu, all of whom pleaded guilty to one count of each of conspiracy and wire fraud - participated in a scheme in which Dewey wore a wig and used fake credentials to gain access to the U.S. Treasury bond trading pit at the CBOT.
Once in the pit, Dewey set in motion four trades that allowed the four to pocket $308,000 in profits. Prosecutors said the scheme allowed the four to walk away from bad trades while claiming profits from good ones.