Former Chicago trader gets 3 years in fraud scheme
CHICAGO (AP) — A federal judge has sentenced a former Chicago Mercantile Exchange trader to three years in prison for his part in a fraud scheme that cost investors $2.3 million.
A Chicago judge sentenced 54-year-old Mark Adrian of Delray Beach, Fla., on Tuesday. Federal prosecutors say Adrian concealed trading losses and inflated investment returns, causing about 50 investors to lose the millions. Adrian was working as a consultant at a now-bankrupt Florida trading firm, where investors lost savings, retirement and other funds.
Adrian also was ordered to pay restitution and start serving his prison term on Jan. 7. He pleaded guilty to one count of wire fraud in October 2010.