Español Inner
Español
Skyscrapers at midtown New York City with the East River on the background

Articles Tagged with Jon Corzine

Published on:

by

The torrent of disturbing information arising from the implosion of futures commission merchange MF Global, Inc. continued today when it was revealed that MF Global was “not in compliance” with rules that prohibit brokerage firms from commingling client funds with their own monies. The head of the Chicago Mercantile exchange said Tuesday confirmed that MF Global was not in compliance and stated as follows: “While we are unable to determine the precise scope of the firm’s violation at this time, we are investigating the circumstances of the firm’s failure.”

This new disturbing information has given rise to rampant speculation that MF Global diverted customer funds in order to meet margin calls arising from its own losing proprietary trades in European debt instruments.

This news came only one day after the Securities Investor Protection Corporation (SIPC) initiated the liquidation of MF Global Inc., under the Securities Investor Protection Act (SIPA) and filed an application with the United States District Court for the Southern District of New York for a declaration that the customers of MF Global Inc. are in need of the protections available under the SIPA.

Continue reading
Published on:

by

MF Global, a commodities brokerage firm that filed for Chapter 11 bankruptcy today, reportedly was brought down by highly risky bets on debt securities issued by European governments. Once regulators reportedly forced it to disclose the bets on debt issued by countries including Italy, Portugal and Spain, the firm rapidly unraveled with no buyers willing to step in.

MF Global’s bankrupty filing is reportedly the seventh-largest bankruptcy by assets in U.S. history.

Regulators had expressed “grave concerns” about the viability of MF Global, which filed for bankruptcy only after “no viable alternative was available in the limited time leading up to the regulators’ deadline,” the company’s COO, Bradley Abelow, said in a court filing. The Company’s board reportedly worked all weekend attempting to find a buyer for the firm, in an episode remniscent of the collapse of the former Lehman Brothers Holdings.

Continue reading
Contact Information
60 E 42nd St 46th floor
New York , NY 10165
Phone: (866) 966-9598 Phone: (212) 838-3221 Fax: (212) 937-3139

Attorney Advertising

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2017 – 2024, Law Office of Christopher J. Gray, P.C.
JUSTIA Law Firm Blog Design