MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives Jon Corzine, former chief of MF Global, before a House panel last year. After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.
WASHINGTON — A former MF Global executive is contradicting testimony from Jon Corzine, saying the former senator ordered the transfer of $200 million last fall out of a customer account days before the firm collapsed, according to an email obtained by congressional investigators.
In the absence of any criminal charges filed against him, former NJ Governor Jon Corzine is reportedly planning to start up his own hedge fund; this as authorities close a ten month criminal investigation into the sudden bankruptcy of his firm, MF Global, and 1.2 billion in client funds that still remains “missing.”
Corzine Reaches $5 Million Settlement With Regulators in MF Global Case