How a £10 Billion Tax Trade Unraveled for a Commodities House; ED&F Man's short-lived embrace of dividend arbitrage made the company millions - and dragged it into a slew of litigation Donal Griffin and Jonathan Browning - Bloomberg When UK regulators fined ED&F Man Holdings for generating billions of pounds of illicit dividend-tax deals, they zeroed in on an individual identified only as "Senior Manager A" who was a "controlling mind" behind the scheme. That matches the description of Mark Whitehead, a former trader at Merrill Lynch & Co. and MF Global Holdings Ltd. who joined ED&F Man in 2012 and oversaw the commodities firm's entry into so-called Cum-Ex trading, according to legal filings and people familiar with the matter who requested anonymity because some details are private. His small team brought in 129 million pounds ($158 million) of revenue in just three years and drove profits at the firm's newly-created Capital Markets unit. /jlne.ws/3NNpazY