Crime & Safety
Orland Park Man Sentenced for Defrauding the Merc
The former trader was sentenced to prison and ordered to pay back $364,000 after causing losses in the same amount for the Chicago Mercantile Exchange.
An Orland Park resident convicted of fraud charges for costing the Chicago Mercantile Exchange $364,000 in losses was sentenced Friday to 18 months in federal prison.
Kevin McCormick, 47, was indicted in 2008 on commodities fraud charges for reporting more than 75 false trades in futures contracts, according to a release from the U.S. Attorney’s Office. The purpose was to artificially inflate the value of his trading account while masking his actual trading position from the CME, according to the release. The false reports led to a loss of about $364,000 for the CME.
McCormick pleaded guilty in June 2010 to two counts of commodities fraud. On Friday, McCormick was sentenced to 18 months in federal prison, and he was ordered to pay back $364,000 in restitution by Judge Robert W. Gettleman.
Find out what's happening in Orland Parkfor free with the latest updates from Patch.
McCormick is scheduled to begin serving his sentence in June.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
