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Regulator: Corzine's MF Global moved clients' millions in past week, tried to avoid detection
WASHINGTON (AP) ' An industry regulator says MF Global, Jon Corzine's embattled securities firm, moved millions in missing client funds last week and tried to avoid detection.
The regulator, CME Group Inc., says MF apparently made "substantial transfers" of customer money after an on-site audit last week. CME is a private company that oversees firms such as MF Global on behalf of federal regulators.
CME says the money was moved in a way that "may have been designed to avoid detection."
MF Global filed for bankruptcy protection Monday after a disastrous bet on European debt. It was the first big Wall Street victim of the European debt crisis. About $600 million of client cash is still missing.
Corzine was head of Goldman Sachs and governor of New Jersey before joining MF Global.