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Reply #52: Celente’s MF Global Gold Account ‘Looted’ [View All]

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-16-11 08:17 AM
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52. Celente’s MF Global Gold Account ‘Looted’


One of the more high profile victims of MF Global’s fraud is economist and trends forecaster Gerard Celente.

Celente became the latest victim of the MF Global bankruptcy when funds, in the six figures, in his gold futures account were taken (or ‘looted’ as Celente called it) by Chapter 11 trustees. Celente was hit with a margin call within days of the corporate shutdown despite his account being fully funded.

Celente told Russia Today (RT), “I really got burned, I got a call last Monday, I have an account with Lind-Waldock, and I have been trading gold since 1978, and I have a very simple strategy. As you well know, I’ve been very bullish on gold for many years… So I was building up my account to take delivery on a contract, and I got a call on Monday, and they said I needed to have a margin call. And I said, what are you talking about, I’ve got a ton of money in my account. They responded, oh no you don’t, that money’s with a trustee now.”

He said that MF Global “have cleaned out and ruined a lot of people. So maybe the name MF, I’m thinking the first word of MF is ‘mother’ and we could put the other word in there if you use your imagination . . . because that is what they are doing to everybody.”

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  - Spanier resigns from US Steel Corp.  mahatmakanejeeves   Nov-16-11 03:21 PM   #92 

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