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Tag: MF Global

Another Job for Ex-FBI Director Louie Freeh

Louis Freeh

By Danny Fenster
ticklethewire.com

Louis Freeh is a busy man these days.

After being tapped to look into the unfolding scandal at Penn State, the former FBI director is now taking part in MF Global’s Chapter 11 bankruptcy case, reports the Associated Press.  He has been appointed trustee for the company. Media reports  say up to $1.2 billion in customer accounts is missing from the firm.

Freeh headed the bureau from 1993 through 2001 and is now chairman of Freeh Group International Solutions LLC, a global risk-management firm. MF Global filed for bankruptcy protection after placing bad bets on European debt and is currently being investigated by the FBI over actions that may have violated securities and criminal law. The financial firm asked Freeh to act as its trustee in seeking bankruptcy protection.

To read more click here.

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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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