The trustee overseeing the wind-down of MF Global’s brokerage said more than $1.2 billion in customer funds could be missing from the failed firm, more than double the original estimate of missing cash. Trustee James W. Giddens also said in a statement Monday that returning 60% of funds to the firm’s former customers—a previously stated […]
Three weeks after $600 million in customer money went missing from MF Global, the search for the cash has been hampered by the bankrupt brokerage firm’s sloppy record-keeping, an increasingly worrisome situation that has left regulators frustrated and customers in the lurch. The round-the-clock effort consumes federal regulators and criminal investigators, with lawyers sleeping at open […]
The trustee liquidating MF Global Holdings Ltd’s broker-dealer unit won court permission to distribute $520 million of cash, providing relief to customers whose accounts have been frozen since the brokerage went bankrupt. U.S. Bankruptcy Judge Martin Glenn approved the payout at a hearing on Thursday in Manhattan. The payout is 60 percent of the $869 […]
Federal prosecutors in Chicago and New York have issued subpoenas in the probe of the collapse of MF Global Holdings Ltd., people familiar with the case said, a sign of an intensifying Justice Department criminal investigation as authorities try to track down about $600 million in client funds. Chicago U.S. Attorney Patrick Fitzgerald and New […]
Some 1,066 employees of bankrupt broker and dealer MF Global Inc. have been fired, according to a statement issued Friday by James Giddens, the court-appointed trustee for the liquidation of the company. Between 150 and 200 former employees are being hired to assist in the wind down of the business and processing of bankruptcy claims, […]