After a Delay, MF Global's Missing Money Is Traced

Discussion in 'Wall St. News' started by Banjo, Feb 1, 2012.

  1. Banjo

    Banjo

  2. what still gets me is someone still had to have the authority to raid segregated accounts to pay off MF Global creditors. Thats not your entry level employee i would presume.
     
  3. Corswine is innocent
     
  4. MF Global trustee has traced most missing funds
    Trustee hopes to distribute more funds ‘as soon as possible’


    By Ronald D. Orol, MarketWatch

    WASHINGTON (MarketWatch) — A trustee seeking to distribute customer securities overseen by bankrupt MF Global Inc. said Monday that a majority of the cash that disappeared from the commodities broker has been found.

    “The trustee’s investigators have now traced a majority of the cash transactions, totaling more than $105 billion, made in and out of MF Global Inc. in the last week before bankruptcy and are completing the process of tracing the remaining transactions,” the trustee said. “These included liquidation of customer securities, proprietary positions and other items. The securities included complex instruments, such as off-balance sheet repurchase transactions involving sovereign-debt securities and derivative structures.”


    New York-based MF Global filed for bankruptcy protection on Oct. 31 after disclosing sizable exposure to derivatives and other investments related to billions of dollars in European sovereign debt.

    The four-page statement gives a feel for a three-month investigation into how $1.2 billion in customer funds went missing. The statement discusses transactions that took place prior to the company’s bankruptcy filing, noting that it executed securities transactions totaling more than $100 billion during its final week of operations.

    The trustee also said it has identified most of the “parties” that were the immediate recipients of transfers from MF Global during the final days and weeks of operation.


    According to the trustee’s statement, additional distributions to former MF Global customers will be made “as soon as possible.”
     
  5. I got a call from the receivers recently wanting my new contact details so they could confirm that the amount I was owed was the same amount as what the MF accounts stated. It's seems the receiver's are questioning if many of the figures in the accounts are real or fake.

    Runningbear
     
  6. gwb-trading

    gwb-trading

    This is a standard required step on the part of the Trustee in charge of distributing the funds. I don't think that if reflects on if the accounts are real or fake.
     
  7. Lucrum

    Lucrum

    Innocent of what?
     
  8. the amounts are real, its the cash backing them that's fake

    Free Corsine
     
  9. hey man, I'm just an entry level employee, but whenever things get shitty I just tell them, "Cover it and we'll fix it in the mix."

    I don't see why trading should be any differnt than music.