The $633 million in missing client funds from Jon Corzine’s now-bankrupt firm MF Global appears to be a result of a “massive hide-and-seek ploy,” a US Commodity Futures Trading commissioner said yesterday.
“This isn’t just a lost-and-found inquiry; it’s a full-on effort to get to the bottom of what appears to be a massive hide-and-seek ploy,” said CFTC commissioner Bart Chilton said in disclosing the MF investigation.
“It’s a distinct possibility, some would say probability, that somebody has done something with the money, and that it’s not going to be ‘all of a sudden discovered’ with an innocent explanation,” Chilton wrote. “If that’s the case, it’s patently illegal. I don’t know yet. Our investigation will uncover that, and we’re aggressively pursuing this.”
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Read more at the New York Post.