Washington – An industry regulator says MF Global, Jon Corzine’s embattled securities firm, moved millions in missing client funds last week and tried to avoid detection.
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The regulator, CME Group Inc., says MF apparently made “substantial transfers” of customer money after an on-site audit last week. CME is a private company that oversees firms such as MF Global on behalf of federal regulators.
CME says the money was moved in a way that “may have been designed to avoid detection.”
MF Global filed for bankruptcy protection Monday after a disastrous bet on European debt. It was the first big Wall Street victim of the European debt crisis. About $600 million of client cash is still missing.
Corzine was head of Goldman Sachs and governor of New Jersey before joining MF Global.
another big shot bits the dust