MF Global’s Missing Cash Mostly Accounted For
Investigators have located almost all the $1.2 billion first reported missing when securities company MF Global went under last year.
People briefed on the matter tell The Associated Press that the money has been tracked to other customer accounts and banks. Investigators for financial regulators and trustees representing the company and its customers have been trying to track down the money. MF Global, headed by former New Jersey Gov. Jon Corzine, failed in October after a disastrous bet on European debt.
Brokerages are supposed to keep customer money separate from company funds. The people said the company misused the money to meet other financial needs as it collapsed.
The people spoke on condition of anonymity because they were not authorized to discuss the ongoing probes publicly.
(Copyright 2012 by The Associated Press. All Rights Reserved.)