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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MF Global chief knew of customer fund misuse

From Today online…

MF Global chief knew of customer fund misuse: Regulator
04:45 AM Dec 15, 2011
WASHINGTON – The regulatory arm of the CME Group has turned over interviews to the Justice Department that allege that former MF Global chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME executive said on Tuesday.

The information is fourth-hand but is the strongest statement yet from a regulator that Mr Corzine may have personally known customer funds were diverted for firm use.

Federal investigators are probing why hundreds of millions of dollars in customer funds are missing, and whether the futures brokerage raided customer money to try to counter a liquidity crisis, a major violation of industry rules.

Mr Corzine, who resigned as chief executive of MF Global early last month, has given sworn testimony that he does not know where the money is, but it is unclear if this latest revelation will legally harm him.

CME executive chairman Terrence Duffy, testifying to the Senate Agriculture Committee, said a CME auditor participated in a phone call during which an MF Global employee indicated that Mr Corzine knew of the loan.

During an internal CME interview, the auditor also revealed that the loan was for roughly US$175 million (S$228 million) to a European affiliate of MF Global and was likely made in the last couple of days prior to the firm’s October 31 bankruptcy, Mr Duffy said.

The CME is a front-line regulator for MF Global.

“A CME auditor … participated in a phone call with senior MF Global employees wherein one employee indicated that Mr Corzine knew about the loans that had been made from the customer segregated accounts,” Mr Duffy said.

A spokesman for Mr Corzine and his lawyer Andrew Levander declined comment.

Mr Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission, which are investigating the matter.

The Senate Agriculture Committee’s hearing was the second to feature both Mr Duffy and Mr Corzine, among others, as lawmakers seek answers about the missing funds.

Mr Corzine had earlier told lawmakers: “I simply do not know where the money is, or why the accounts have not been reconciled to date.”

Mr Barry Pollack, a criminal defence attorney, said it is uncertain if the CME auditor’s claims could hurt Mr Corzine. “It absolutely could be nothing more than a classic game of telephone,” Mr Pollack said. He also noted: “Mr Corzine is sophisticated enough that he knew going into this that if he gave testimony, he was going to open the flood gates.”

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1 comment to MF Global chief knew of customer fund misuse

  • Ron

    Oh lord… gotta love how Wall Street demands that government regulator butt out of their business, and tell the government “No worries mate! We can self regulate.”

    Henhouse,… Meet Mr Fox, your guard.

    Just like Willie Sutton said “That is where the money is”. Assuming that crooks could keep their hands off piles of cash was just dumb, dumb, dumb!

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