A former floor trader at the Chicago Mercantile Exchange was sentenced to three years in federal prison Tuesday for a fraud scheme.
Mark Adrian, 54, of Delray Beach, Fla., pleaded guilty in October 2010 to one count of wire fraud and U.S. District Judge Ruben Castillo sentenced him to 36 months in prison Tuesday, according to a release from the U.S. Department of Justice. Castillo also ordered Adrian to pay $2.3 million in restitution.
Adrian, formerly of Chicago, was a floor trader at the Chicago Mercantile Exchange and consultant at the bankrupt Boca Raton, Fla., Avidus Trading Inc., the Dept. of Justice said. Avidus Trading conducted foreign exchange trading at its discretion for investors.
Avidus Trading lost $2.3 million for investors between July 2006 and October 2008, but Adrian concealed the losses to retain investors’ business, the Dept. of Justice said. Adrian prepared and sent false monthly spreadsheets to the investment group in Chicago knowing it would report the false information to investors.
Adrian hid the losses from other employees by creating fake brokerage statements showing inflated balances for clients’ funds that were on deposit with a broker, the Dept. of Justice said.
Adrian will begin serving his sentence Jan. 7, 2013.