MF Global http://www.globalpost.com/taxonomy/term/24414/all en UPDATE 1-KPMG expects bigger payouts to MF Global UK clients http://www.globalpost.com/dispatch/news/thomson-reuters/130108/update-1-kpmg-expects-bigger-payouts-mf-global-uk-clients <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p><body></body></p> <p/> <p>LONDON, Jan 8 (Reuters) - MF Global UK's<br /> administrator KPMG said it expected to increase payments to some<br /> clients of the collapsed broker after key disputes with its U.S.<br /> parent were resolved last month.</p> <p>As a result of money changing hands during MF Global's<br /> chaotic collapse, various company affiliates have been fighting<br /> over who owes whom.</p> </p/><p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130108/update-1-kpmg-expects-bigger-payouts-mf-global-uk-clients" target="_blank">read more</a></p> Economics European sovereign debt crisis MF Global Thomson Reuters Tue, 08 Jan 2013 16:30:16 +0000 Thomson Reuters 5731688 at http://www.globalpost.com UPDATE 2-Peregrine Financial fraud loss tops $215 mln, U.S. says http://www.globalpost.com/dispatch/news/thomson-reuters/130122/update-1-peregrine-financial-fraud-loss-tops-215-mln-us-says <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* US seeks maximum sentence of 50 years for Wasendorf</p> <p>* He sought to appear rich to avoid discovery of fraud -U.S.</p> <p>* Peregrine was never actually profitable -prosecutors</p> <p>* Wasendorf sentencing scheduled for Jan. 31 in Iowa</p> <p>By Ann Saphir and Tom Polansek</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130122/update-1-peregrine-financial-fraud-loss-tops-215-mln-us-says" target="_blank">read more</a></p> Business Crimes Deception Fraud Futures contract Labor Law MF Global Peregrine Financial Group Primary dealers Russell Wasendorf Sr. Thomson Reuters Tue, 22 Jan 2013 20:30:38 +0000 Thomson Reuters 5737985 at http://www.globalpost.com Exclusive - Peregrine Financial scion: My father is dead to me http://www.globalpost.com/dispatch/news/thomson-reuters/130512/exclusive-peregrine-financial-scion-my-father-dead-me <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Ann Saphir and Tom Polansek</p> <p>SAN FRANCISCO/CHICAGO (Reuters) - Russell Wasendorf Jr., whose father went to prison for stealing $215 million from clients of the futures brokerage they ran together for nearly 20 years, is starting over.</p> <p>The chief operating officer of Peregrine Financial Group, which collapsed in 2012 in an embezzlement scheme orchestrated by his father, has moved to Florida from the firm's home base of Cedar Falls, Iowa. He is out of the futures business entirely and has launched an e-commerce website.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130512/exclusive-peregrine-financial-scion-my-father-dead-me" target="_blank">read more</a></p> Business European sovereign debt crisis Labor Law MF Global Primary dealers Technology Wasendorf Jr. Thomson Reuters Sun, 12 May 2013 11:32:05 +0000 Thomson Reuters 5836074 at http://www.globalpost.com CFTC planning to file civil lawsuit against Corzine: NYT http://www.globalpost.com/dispatch/news/thomson-reuters/130625/cftc-planning-file-civil-lawsuit-against-corzine-nyt <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Reuters) - Federal regulators are planning a civil lawsuit against Jon Corzine over the collapse of MF Global Holdings Ltd and the commodity broker's misuse of customer money during its final days, the New York Times reported, citing law enforcement officials with knowledge of the case.</p> <p>The Commodity Futures Trading Commission (CFTC), the federal agency that regulated MF Global, plans to approve the lawsuit as soon as this week, the NY Times said. (<a href="http://link.reuters.com/mej29t" title="http://link.reuters.com/mej29t">http://link.reuters.com/mej29t</a>)</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130625/cftc-planning-file-civil-lawsuit-against-corzine-nyt" target="_blank">read more</a></p> European sovereign debt crisis MF Global Primary dealers Thomson Reuters Tue, 25 Jun 2013 07:31:58 +0000 Thomson Reuters 5866587 at http://www.globalpost.com CFTC sues Corzine over MF Global collapse http://www.globalpost.com/dispatch/news/afp/130627/cftc-sues-corzine-over-mf-global-collapse <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>US regulators Thursday sued former US senator and New Jersey governor Jon Corzine over misuse of $1 billion in client funds in the collapse of brokerage MF Global.</p> <p>The Commodities Futures Trading Commission sought restitution, an unspecified financial penalty and a ban from securities markets against Corzine, a one-time Wall Street high-flier brought to earth when his company fumbled on risky bets on European sovereign debt in 2011.</p> <p>The CFTC sued MF Global's assistant treasurer, Edith O'Brien, for raiding customer accounts to keep the company afloat.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130627/cftc-sues-corzine-over-mf-global-collapse" target="_blank">read more</a></p> Jon Corzine Jon Corzine MF Global Primary dealers AFP Thu, 27 Jun 2013 20:01:48 +0000 Agence France-Presse 5869646 at http://www.globalpost.com In their words: Phone conversations show desperation in last days before MF Global failure http://www.globalpost.com/dispatch/news/the-canadian-press/130627/their-words-phone-conversations-show-desperation-last-days-m <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>The Commodity Futures Trading Commission filed a civil lawsuit against former New Jersey Gov. Jon Corzine on Thursday, laying on him responsibility for the misuse of customer money while he headed brokerage firm MF Global, which collapsed in 2011. The agency also sued Edith O'Brien, who was an assistant treasurer at MF Global with the authority to approve transfers of customer funds.</p> <p>The agency obtained recordings of phone calls among MF Global employees, and put snippets from them into the lawsuit:</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130627/their-words-phone-conversations-show-desperation-last-days-m" target="_blank">read more</a></p> Business European sovereign debt crisis Labor Law MF Global Primary dealers The Canadian Press Fri, 28 Jun 2013 01:39:33 +0000 The Canadian Press 5869929 at http://www.globalpost.com U.S. regulator opposes fast-track CFTC markets policing http://www.globalpost.com/dispatch/news/thomson-reuters/130812/us-regulator-opposes-fast-track-cftc-markets-policing <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Douwe Miedema</p> <p>WASHINGTON (Reuters) - The U.S. derivatives regulator needs to better explain how it goes about cracking down on wrongdoers, one of its commissioners said on Monday calling on Congress to conduct a full review.</p> <p>Scott O'Malia, the only Republican member of the Commodity Futures Trading Commission, wants Congress to review the regulator's internal policies and procedures in enforcement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130812/us-regulator-opposes-fast-track-cftc-markets-policing" target="_blank">read more</a></p> Commodity Futures Trading Commission MF Global Thomson Reuters Mon, 12 Aug 2013 23:30:56 +0000 Thomson Reuters 5908519 at http://www.globalpost.com CFTC fails to show Corzine didn't supervise MF Global, ex-CEO says http://www.globalpost.com/dispatch/news/thomson-reuters/130910/cftc-fails-show-corzine-didnt-supervise-mf-global-ex-ceo-says <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Carlyn Kolker</p> <p>NEW YORK (Reuters) - The Commodity Futures Trading Commission's lawsuit against former MF Global chief executive Jon Corzine should be dismissed because it fails to show that he didn't properly oversee the failed brokerage firm, Corzine said in newly filed court documents.</p> <p>Corzine was charged in June by the CFTC with violating his legal obligations to diligently supervise employees and not acting in good faith as a "control person" at the futures brokerage firm.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130910/cftc-fails-show-corzine-didnt-supervise-mf-global-ex-ceo-says" target="_blank">read more</a></p> Business Jon Corzine Labor Law MF Global Primary dealers Thomson Reuters Wed, 11 Sep 2013 01:33:06 +0000 Thomson Reuters 5930470 at http://www.globalpost.com MF Global to pay $1.21B restitution to customers, $100M penalty following CFTC complaint http://www.globalpost.com/dispatch/news/the-canadian-press/131118/mf-global-pay-121b-restitution-customers-100m-penalty-follow <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>WASHINGTON - MF Global Inc. must pay back $1.21 billion to ensure customers recover their losses sustained when the brokerage firm failed in 2011.</p> <p>The restitution is being levied following a complaint filed by the U.S. Commodity Futures Trading Commission earlier this year that alleges MF Global unlawfully used customer funds for the firm's needs in its final weeks.</p> <p>MF Global also faces a $100 million civil penalty that must be paid after it has fully paid customers and certain creditors.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/131118/mf-global-pay-121b-restitution-customers-100m-penalty-follow" target="_blank">read more</a></p> European sovereign debt crisis MF Global Primary dealers The Canadian Press Mon, 18 Nov 2013 19:17:08 +0000 The Canadian Press 5992671 at http://www.globalpost.com Sentinel trustee wants Bank of NY Mellon to return $337 million http://www.globalpost.com/dispatch/news/thomson-reuters/131218/sentinel-trustee-wants-bank-ny-mellon-return-337-million <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Sakthi Prasad</p> <p>(Reuters) - Bank of New York Mellon should be ordered to return about $337 million to Sentinel Management Group Inc, a U.S. futures broker that went bankrupt in 2007, according to a court filing made by the bankruptcy trustee.</p> <p>Sentinel's bankruptcy trustee, Frederick Grede, alleged that the futures broker pledged hundreds of millions of dollars in customer assets to secure an overnight loan from Bank of New York Mellon, leaving the bank in a secured position but Sentinel's customers with losses worth millions.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/131218/sentinel-trustee-wants-bank-ny-mellon-return-337-million" target="_blank">read more</a></p> European sovereign debt crisis MF Global Primary dealers Sentinel Management Group Inc Thomson Reuters Wed, 18 Dec 2013 07:53:52 +0000 Thomson Reuters 6023263 at http://www.globalpost.com Judge allows customers' lawsuit against MF Global's Corzine http://www.globalpost.com/dispatch/news/thomson-reuters/140212/judge-allows-customers-lawsuit-against-mf-globals-corzine <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Nate Raymond</p> <p>NEW YORK (Reuters) - A federal judge on Tuesday allowed a lawsuit to move forward that seeks to hold former MF Global Holdings Ltd Chief Executive Officer Jon Corzine and other executives responsible for the brokerage's collapse.</p> <p>U.S. District Judge Victor Marrero said that it was reasonable to infer someone "did something wrong to set in motion such an extraordinary chain of events causing such extensive harm to so many people and interests."</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140212/judge-allows-customers-lawsuit-against-mf-globals-corzine" target="_blank">read more</a></p> Jon Corzine Law MF Global Primary dealers Thomson Reuters Wed, 12 Feb 2014 11:47:21 +0000 Thomson Reuters 6068368 at http://www.globalpost.com Acting U.S. CFTC head pleads with Congress for more money http://www.globalpost.com/dispatch/news/thomson-reuters/140306/acting-us-cftc-head-pleads-congress-more-money <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Sarah N. Lynch</p> <p>WASHINGTON (Reuters) - The acting head of the U.S. derivatives regulator pleaded with federal lawmakers on Thursday to give his agency more funding, saying a tight pocketbook has prevented staff from completing compliance exams and threatened to hobble enforcement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140306/acting-us-cftc-head-pleads-congress-more-money" target="_blank">read more</a></p> Business Commodity Futures Trading Commission Environment Futures contract Health Law MF Global Politics Thomson Reuters Thu, 06 Mar 2014 17:18:35 +0000 Thomson Reuters 6088656 at http://www.globalpost.com FCStone can keep $15.6 million Sentinel bankruptcy payout http://www.globalpost.com/dispatch/news/thomson-reuters/140320/fcstone-can-keep-156-million-sentinel-bankruptcy-payout <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Tom Polansek</p> <p>CHICAGO (Reuters) - Commodities brokerage INTL FCStone Inc can keep a $15.6 million payout of customer funds related to the bankruptcy of Sentinel Management Group in 2007, a U.S. appeals court has ruled.</p> <p>The decision, issued on Wednesday by three U.S. appeals court judges in Chicago, overturned a federal district court's previous order that New York-based FCStone return the money to the trustee overseeing Sentinel's bankruptcy.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140320/fcstone-can-keep-156-million-sentinel-bankruptcy-payout" target="_blank">read more</a></p> Economics FCStone LLC MF Global Sentinel Management Group Sentinel Management Group Inc Thomson Reuters Thu, 20 Mar 2014 17:18:32 +0000 Thomson Reuters 6100517 at http://www.globalpost.com FCStone can keep $15.6 million Sentinel bankruptcy payout http://www.globalpost.com/dispatch/news/thomson-reuters/140320/fcstone-can-keep-156-million-sentinel-bankruptcy-payout-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Tom Polansek</p> <p>CHICAGO (Reuters) - Commodities brokerage INTL FCStone Inc can keep a $15.6 million payout of customer funds related to the bankruptcy of Sentinel Management Group in 2007, a U.S. appeals court has ruled.</p> <p>The decision, issued on Wednesday by three U.S. appeals court judges in Chicago, overturned a federal district court's previous order that New York-based FCStone return the money to the trustee overseeing Sentinel's bankruptcy.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140320/fcstone-can-keep-156-million-sentinel-bankruptcy-payout-0" target="_blank">read more</a></p> Economics FCStone LLC MF Global Sentinel Management Group Sentinel Management Group Inc Thomson Reuters Thu, 20 Mar 2014 17:18:32 +0000 Thomson Reuters 6100518 at http://www.globalpost.com U.S. fines Morgan Stanley for not segregating client funds http://www.globalpost.com/dispatch/news/thomson-reuters/140327/us-fines-morgan-stanley-not-segregating-client-funds <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Douwe Miedema</p> <p>WASHINGTON (Reuters) - The Commodity Futures Trading Commission on Thursday fined Morgan Stanley &lt;MS.N&gt; $490,000 for violating rules that require futures brokers to protect clients by keeping their money segregated from other funds on the bank's books.</p> <p>Morgan Stanley's futures trading unit transferred some $16 million from a segregated client account in 2013, and it also mixed segregated funds and its own money during a six-month period in 2012.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2014.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/140327/us-fines-morgan-stanley-not-segregating-client-funds" target="_blank">read more</a></p> European sovereign debt crisis Futures contract MF Global Thomson Reuters Thu, 27 Mar 2014 18:38:53 +0000 Thomson Reuters 6106836 at http://www.globalpost.com