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CFTC Whacks Sentinel Management

CHICAGO (CN) - Sentinel Management Group illegally shifted more than $440 million in clients' funds from a segregated custodial account to its own house account to secure huge loans for risky trading, the Commodity Futures Trading Commission claims in Federal Court.

Sentinel, based in Northbrook, Ill., filed false reports with the SEC and lost hundred of millions of dollars in investor assets, driving it into bankruptcy, the CFTC says. It also sued former CEO Eric Bloom and former head trader Charles Mosley.

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