Posted 1 year ago on Oct. 31, 2011, 7:50 p.m. EST by Lmurguia7
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Breaking News Alert The New York Times Monday, October 31, 2011 -- 7:29 PM EDT
MF Global Under Investigation for Missing Money
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.
The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.