On the client accounts of U.S. brokerage firm MF Global, the bankrupt a month ago, has lost some $ 1.2 billion - almost twice as much as previously thought. On Monday, said commissioner on the Elimination of MF Global, James Giddens.
Until now it was believed that the company has disappeared without a trace of just over $ 600 million customer accounts. Deficiency found American Commission on Securities and Exchange Commission and the Commodity Futures Trading Futures during investigations into the company's bankruptcy. However, according to new data, the missing funds are not 11% and 22% of all customer funds at the disposal of MF Global. At the time of bankruptcy the company was put on hold $ 5.45 billion in customer accounts.
Where MF Global has found accounts of their clients
The FBI officially started checking the company's operations in the European bond market ...
How to involve regulators, MF Global could not share clients' funds and own funds, in flagrant violation of the rules of finance companies. According to Bloomberg, a few days before the bankruptcy MF Global brought hundreds of millions of dollars in futures accounts of its customers. While against the company was not made formal charges.
James Giddens also pointed out that, after some customers paid their money, he has the means brokerage firm for $ 1.6 billion payment of funds will continue until December, but this is not enough for you to return the money to all customers MF Global, said he said.
MF Global filed for protection from creditors under Art. 11 USC bankruptcy on October 31. At this point, the company's debt stood at $ 39.7 billion in total assets of $ 41 billion in a few days before the company reported a record quarterly loss and that the risks associated with sovereign bonds of European countries (such as Spain, Italy, Portugal, Belgium and Ireland), estimated at $ 6.3 billion
A hearing on the application of MF Global will be held in a U.S. court of bankruptcy in New York on Tuesday, November 22.
Until now it was believed that the company has disappeared without a trace of just over $ 600 million customer accounts. Deficiency found American Commission on Securities and Exchange Commission and the Commodity Futures Trading Futures during investigations into the company's bankruptcy. However, according to new data, the missing funds are not 11% and 22% of all customer funds at the disposal of MF Global. At the time of bankruptcy the company was put on hold $ 5.45 billion in customer accounts.
Where MF Global has found accounts of their clients
The FBI officially started checking the company's operations in the European bond market ...
How to involve regulators, MF Global could not share clients' funds and own funds, in flagrant violation of the rules of finance companies. According to Bloomberg, a few days before the bankruptcy MF Global brought hundreds of millions of dollars in futures accounts of its customers. While against the company was not made formal charges.
James Giddens also pointed out that, after some customers paid their money, he has the means brokerage firm for $ 1.6 billion payment of funds will continue until December, but this is not enough for you to return the money to all customers MF Global, said he said.
MF Global filed for protection from creditors under Art. 11 USC bankruptcy on October 31. At this point, the company's debt stood at $ 39.7 billion in total assets of $ 41 billion in a few days before the company reported a record quarterly loss and that the risks associated with sovereign bonds of European countries (such as Spain, Italy, Portugal, Belgium and Ireland), estimated at $ 6.3 billion
A hearing on the application of MF Global will be held in a U.S. court of bankruptcy in New York on Tuesday, November 22.
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