Troubled broker names new CFO
MF Global, the interdealer broker that lost $141.5 million in a rogue trading incident earlier this year, has named Randy MacDonald as its new chief financial officer (CFO).
MacDonald replaces interim CFO Ira Polk, who continues to serve as chief administrative officer. Polk stepped in after the resignation in January of the former CFO, Amy Butte.
MacDonald was previously CFO and treasurer at TD Ameritrade, becoming chief operating officer in 2006.
MF Global's internal controls were called into question earlier this year when a single broker, trading on his own account, made unauthorised losing trades in wheat futures that left the company to cover his $141.5 million losses.
See also: Bushel-whacked
MF Global sacrificed risk protection for speed, CEO says
Rogue trade loses MF Global $141.5 million
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