Jon Corzine Sued By CFTC And May Be Banned From Futures Industry

By: Thursday June 27, 2013 12:00 pm

Former MF Global CEO and New Jersey Governor Jon Corzine has been sued by the CFTC for filing false reports, commingling funds, and other violations. If approved, Corzine could be heavily fined and banned from the futures industry, which would effectively make him ineligible to run a major Wall Street firm which all have a [...]

The No Accountability for Bank Fraud Blues

By: Thursday November 1, 2012 7:45 am

I noted yesterday that the Federal Energy Regulatory Commission planned to fine Barclays Bank for its role in manipulating US energy markets. The fine came out and it was a record, a $470 million penalty. After the London market had closed, the Federal Energy Regulatory Commission announced the scale of the fine – $435m, plus [...]

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:18 am

CNN passes along a “no, really this time, seriously” promise that the RMBS working group, tasked with looking into securitization fraud, will soon make a major announcement. A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source [...]

MFGlobal Redux: More Missing Customer Funds at Futures Broker PFGBest

By: Wednesday July 11, 2012 6:20 am

Looks like we have another MF Global on our hands. Peregrine Financial Group, a one-man operation run by Russell Wasendorf, ripped off its clients to the tune of hundreds of millions of dollars, as reported by Reuters. While smaller than the MF Global or the Bernie Madoff scams, on all other levels it’s pretty similar. [...]

MF Global CFO Learned of Shortfall in Customer Funds During Firm’s Collapse

By: Wednesday March 28, 2012 9:35 am

At a House Financial Services Committee hearing today, former MF Global CFO Christine Serwinski will testify that customer funds were used to cover proprietary bets. In testimony prepared for a Wednesday hearing, the firm’s former chief financial officer, Christine Serwinski, says she learned that there was “a substantial deficit” in a financial buffer that was [...]

Corzine Ordered $200 Million Raid on MF Global Customer Accounts

By: Saturday March 24, 2012 8:17 am

In the most damning evidence thus far of malfeasance at MF Global, Bloomberg reports that former New Jersey Senator and Governor Jon Corzine, while CEO of the company, personally ordered $200 million in investor funds transferred to cover an overdrawn account at JPMorgan Chase. Bloomberg has the goods in the form of a memo from [...]

Bair Recommends Scrapping the Volcker Rule

By: Friday December 9, 2011 10:55 am

If you needed to appeal to one authority on banking regulation, you could do worse than to consult Sheila Bair, the former chairwoman of the FDIC. And now she’s advocating scrapping the Volcker rule and starting over. She comes at this by looking at the spectacle of MF Global – a brokerage house that would [...]

Corzine on MF Global Depositor Funds: “I simply do not know where the money is”

By: Thursday December 8, 2011 6:55 am

Former Senator Jon Corzine faces a House Agriculture Committee panel today, where he will testify that he doesn’t know “where the money is” from customer accounts that was used by his former company, MF Global, to trade on the company account. Joe Weisenthal points us in the direction of Corzine’s testimony, which he will give [...]

Two-Tiered Justice: Financial Prosecutions at a 20-Year Low

By: Wednesday November 16, 2011 8:53 am

A new report finds that prosecution of financial fraud has fallen to a 20-year low. If you’re like me, you don’t believe that the financial industry stands at its cleanest point in the past 20 years. The federal government is on track to file just 1,365 prosecutions for financial institution fraud in fiscal year 2011, [...]

Report: MF Global Admits Using Customer Funds

By: Tuesday November 1, 2011 3:03 pm

With this latest twist, the MF Global scandal officially got real. MF Global, the failed securities firm led by Jon Corzine, admitted using clients’ money as its financial troubles mounted, a federal official says. An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators discovered money missing from [...]

Jon Corzine’s MF Global Investigated for Missing Customer Funds

By: Tuesday November 1, 2011 6:55 am

In Greece they’re going back to the days of direct democracy with a referendum on the debt-relief-for-austerity deal. Here in the US, we’re reliving some ancient history too – specifically, 2008. Jon Corzine’s MF Global just engaged in a Lehman-like crash. One annoying detail: they appear to have stolen customer money in the process: Federal [...]

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