Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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If you are interested in contacting for speaking engagements. Please email me at Andrabr9@gmail.com or call 954 903 0638.

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Futures and commodity trading involve substantial risk. The evaluations of futures and commodities may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or an implied promise, guarantee or implication by, that you will profit, or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Information provided on this website is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible, where projections of future conditions are attempted.

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MF Global mixed client funds & transferred abroad

This is an exclusive article that came in from Reuters. If this is true, Why haven’t people been arrested and charged?

Did the people of MF Global rob the client accounts? I really find it hard to understand why Corzine is just being ” asked” to appear at a Congressional hearing. Lets remember that Jon Corzine (the former New Jersey governor and U.S. Senator) is the person that President Obama once hailed as an “honorable man” and one of his “best partners” in the White House. Is this the reason he has not been indicted yet?

Reuters article

Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source said on Friday.

“The further we get into (the investigation) the more complex it is … but we’re making progress,” the source said, adding that the commingling and transferring of money is making it harder for regulators to determine what money belongs where.

MF Global took futures segregated money and put it into the account for customer securities, essentially mixing futures and securities that were both owned by customers, said an official familiar with the matter.

Until now, it was believed that only customer futures accounts were affected.

The source also told Reuters that MF Global had been using customer funds for “several days if not weeks” rather than just a few days before the firm collapsed.

Regulators had previously thought the firm was using customer funds on the Thursday and Friday before it filed for bankruptcy on October 31.

CME Group, the Chicago exchange where MF Global traded, said it had reviewed the company’s books a week before the bankruptcy and found no issues with the customer money.

If MF Global started improperly dipping into its customers’ accounts long before the firm’s collapse, the allegation would raise questions of why the regulators and auditors failed to spot such behavior.

Congress has already started asking questions about potential lapses in regulatory oversight of MF Global. The pressure on regulators would only increase if MF Global turns out to have misused customer funds over an extended period of time.

“Establishing the specifics of what happened is key to figuring out how the system failed and how to fix it going forward,” Republican Senator Chuck Grassley of Iowa said in a statement on Thursday. “Congress will need to keep drilling down.”

MF Global collapsed in late October after the firm was forced to reveal that it had made a $6.3 billion bet on European sovereign debt.

An effort to sell the firm failed, partially due to the revelation that hundreds of millions of dollars in customer money were not where they should have been.

Investigators such as the Commodity Futures Trading Commission have been scouring the company’s books, described as messy and unorganized, for the fund shortfall that has been estimated as much as $1.2 billion by the liquidating trustee.

However, regulators have been at odds with the trustee, believing that figure is too high.

(Additional reporting by Philip Shishkin; Editing by Gary Hill)

Andrew Abraham
Abraham Investment Management


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