Financial Industry, Mf Global Missing Money | featured news

Investigators are expected to conclude that sloppiness, not criminal intent, was the main driver behind the disappearance of customer money.

Former New Jersey Gov. Jon Corzine could face a lawsuit from the trustee trying to recover $1.6 billion in customer money from the collapse of the brokerage MF Global.

U.S. lawmakers investigating the collapse of futures brokerage MF Global showed frustration with the firm's leaders about what happened to hundreds of millions of dollars in missing customer funds.

A lawyer for James W. Giddens, the trustee, said the investigation into MF Global had shown suspicious transfers from the so-called segregated accounts that still appear to have a substantial shortfall.

Jon Corzine told a congressional panel Thursday that he never intended to break rules requiring failed securities firm MF Global to safeguard client funds. He also said he doesn't know what happened to an estimated $1.2 billion that went missing.