Board of Trade Commodities Trader Convicted in Disguise Scam
CHICAGO (AP) _ A former member of the Chicago Board of Trade has been convicted on charges he and three others carried out a scheme in which one of them used a wig and other disguises to make illegal trades worth $308,000.
Thompson B. Sanders, 45, was found guilty of conspiracy, wire and commodities fraud and interstate transportation of stolen property. He could receive as much as 55 years in prison and $1.3 million in fines at sentecing Nov. 3.
The charges stem from four trades of U.S. government bond futures in 1986.
The government charged that Sanders and Dan Dewey, Dan Kolton and David Pelleu 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 trades that allowed the four to pocket $308,000 in profits. Prosecutors said the disguise and fake credentials allowed the four to walk away from bad trades while claiming profits from good ones.
The three accomplices pleaded guilty to conspiracy and wire fraud.