Economy

Demeter

(85,373 posts)

18. MF’s Corzine may have known of customer loan

Wed Dec 14, 2011, 08:00 AM

Dec 2011

http://www.marketwatch.com/story/senators-have-ideas-over-missing-mf-global-funds-2011-12-13?siteid=YAHOOB

An auditor with the CME Group Inc. was informed that former MF Global Chief Executive Jon Corzine may have known about a loan made using customer funds to one of the firm’s European affiliates, CME Executive Chairman Terrence Duffy said Tuesday.

Duffy told senators on the Senate Agriculture Committee that he learned about the disclosure over the weekend and that the loan was for roughly $175 million. The CME Group has provided this information to the Justice Department, according to Duffy, who declined to name the MF Global executive who said Corzine was aware of the breach.

Regulators are investigating whether the brokerage tapped into customer-segregated futures accounts for its own proprietary trading. No one at the firm has been charged, so far but a trustee overseeing the bankruptcy reported that roughly $1.2 billion in customer funds are missing...Testifying before the committee immediately before Duffy, Corzine said he never authorized the misuse of customer funds, and that he doesn’t believe it would be possible to construe anything he’d done as an authorization for that kind of activity...

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