Regulators are only beginning to unravel the finances of MF Global, the investment firm headed by former New Jersey Gov. Jon Corzine that filed for bankruptcy protection on Monday. There have been concerns that the company may have used clients’ funds illegally in an effort to save itself.
From the Associated Press:
A federal official says MF Global, the securities firm led by Jon Corzine, admitted to using
clients’ money as its financial troubles mounted.
An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators discovered
money missing from clients’ accounts, according to an official familiar with the conversation.
