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Response to Demeter (Reply #1)

Tue Apr 3, 2012, 08:31 PM

12. Clients Raise Questions About MF Global Checks

 

http://dealbook.nytimes.com/2012/04/01/clients-raise-questions-about-mf-global-checks/?ref=business

MF Global customers who closed their accounts in the brokerage firmís final days have been fuming for months about how the firm mailed checks to them, instead of promptly transferring the money electronically as usual. Many of those checks arrived after the bankruptcy filing, and subsequently bounced.

Now customers are taking action, trying to show that MF Global delayed the return of their money to cover the firmís own bills and stay afloat. They are amassing client documents and submitting them to federal investigators in hopes of building a criminal case against MF Global executives.

While clients of MF Global say that it was unprecedented for the firm to abandon a longstanding business practice to wire money to customers who were closing accounts, the documents are not definite proof of wrongdoing. In recent weeks, federal authorities have come to suspect that MF Globalís actions amount to sloppy record-keeping, rather than criminal fraud....If prosecutors file criminal charges, customers will have a better chance of getting their money back from the banks and other financial firms that currently have the funds. Under the law, the trustee working on behalf of customers has more leverage to recover the funds in the event of fraud....MORE

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Tansy_Gold Apr 2012 OP
Demeter Apr 2012 #1
LineLineReply Clients Raise Questions About MF Global Checks
Demeter Apr 2012 #12
Demeter Apr 2012 #43
Demeter Apr 2012 #67
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Tansy_Gold Apr 2012 #3
Demeter Apr 2012 #5
DemReadingDU Apr 2012 #13
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