MF Global E-mail: Corzine Authorized Use Of Customer Funds To Cover MFGLQ Overdraft

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)’s chief executive officer, gave “direct instructions” to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage’s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.

Edith O’Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was “Per JC’s direct instructions,” according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News. …

The money transferred came from a segregated customer account, according to congressional investigators. Segregated accounts can include customer money and excess company funds.

Corzine testified that he never intended a misuse of customer funds at MF Global, and that he doesn’t know where client funds went.

“I did not instruct anyone to lend customer funds to anyone,” Corzine told lawmakers in December.

Oops.

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4 comments to MF Global E-mail: Corzine Authorized Use Of Customer Funds To Cover MFGLQ Overdraft

  • Linus Huber

    Nice

  • CW

    What a pos. This fuck needs to go to jail for a long long time.

  • Hans

    I am not surprised about this revelation, as I have always viewed, Mr Corzine, as lacking in ethos and other standards for that matter…

    Do not look for any prosecution either, as the DOJ as moved its entire operation to Sanford.

    Why this clown ever ran an investment fund, is a complete puzzle to me…

  • Gold-N-Glocks

    I’m confused. Should we file this under “Hope” or “Change”?