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Trustee in MF Global case says $1.2B in customers' money missing, twice what firm said
The court-appointed trustee overseeing MF Global's bankruptcy says up to $1.2 billion is missing from customer accounts, double what the firm had reported to regulators last month.
The trustee, James Giddens, has been combing through the accounts and finances of MF Global, which filed for bankruptcy protection on Oct. 31. He also says his plan to release about $520 million from accounts that have been frozen will mean nearly all the assets under his control will be distributed.
Regulators are investigating whether MF Global tapped money from clients' accounts as its own financial condition worsened. That would be a violation of securities rules.