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Hunt on for $600M; Smelling Like Fraud

Ex- NJ Gov. John Corzine

By Danny Fenster
ticklethewire.com

FBI investigators have found themselves in a “Whack-a-Mole” like search for $600 million in missing funds, reports MSNBC.

The search, in partnership with the Commodity Futures Training Commission and the SEC, is for lost customer cash in an investigation into New Jersey Gov. John Corzine’s now bankrupt brokerage firm MF Global. The missing funds are starting to smell like fraud, says former SEC chief accountant. “The fact that people today can’t tell us where the $600 million went is not a good sign.”

Investigators are looking into whether or not the firm used client money to fund its trades, an illegal practice, which may be difficult to determine. “They may have been involved in an aggressive interpretation of the securities laws,” said one anonymous  securities lawyer. “They met the letter of the law — the question is whether they met the spirit of the law.”

To read more about the investigation click here.

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