59 Comments

  1. I want to express my heartfelt apologies to everyone who may have experienced inconveniences arising from the chaos during the last days of MF Global. I have no idea what may have happened to any of the missing capital, but as we are all big boys here, we all must take responsibility for the choices we make. Sometimes, those choices may result in hard luck and potential investor losses. I sincerely regret hearing about these losses. I would have preferred to hear that all of you were cleaning up in these sophisticated markets of ours. I feel for the cattle ranchers, farmers and grain elevator owners who hedge their production within our futures markets. I feel deeply for all the retirees that put all their eggs in one basket and lost their retirements in their golden years. This said, I still want to reiterate that all of us must take personal responsibility for our losses as a part of the MF Global family. I feel for all of you. I really do. I would offer to discuss the matter with my friends Joe and Barack to request bailouts for all of you, but unfortunately most of the people affected lack the pedigree required to receive them. In conclusion, I would like to thank the millions of people who have supported me over the years and that continue to support our efforts to bring forth a better tommorrow. Thank You. God Bless You and God bless the United States of America.

  2. I just got a letter from the IRS demanding taxes owed on unrealized profits from MF Global due to the theft of my Customer Account. Anyone else have this problem? How to solve it? Also, is there any way of recovering precious metals (bars) Depository Recipts from these guys. I was ripped off big time and there doesnt seem to be any resolution on this. The only thing I have gotten back is about 35% of the money held in my account. What do You have to do ? Find Jon Corzine personally and take it out of his hide? I am really pissed off at this point.

    • Has anybody seen an acceptable form of assignment for selling a claim? I was attempting to sell to a fund that was bidding 93 but their document essentially left me holding the bag for 100% of the risk other than the payments received (i.e. any claim disallowance, setoff, reduction, etc. etc.).

  3. litigation with the english courts over the 700 million 30.7 CUSTOMER MONEY. Sounds like a nightmare and a long drawn out process. i wonder what this event has done to the bankruptcy claims for foreign accounts. they were at 67 cent bid.

  4. I had an open short position which I left open. It was rolled over to another firm from MF Global with only part of my cash on deposit to a firm with higher margin rates- all without my knowledge. What was well-margined was now under margin an on Monday I received a call from my broker one hour before closing saying unless I wired more money my open position would be closed -which it was in the short squeeze.

    No call on Thursday, or on Friday or even Monday morning.

    This lack of notice caused considerable loss. I should have ended up with 10K on my trade instead I got back $2,300. However, the emotional cost is much greater. and has undermined my confidence in the USA futures regulators and market. My cash is not now, nor never was an asset of MFGlobal.

    I have received a release document from the trustee. Though they state that I must sign it to get back the reminder of my cash. Judge Glen does not agree.
    “He questioned whether Giddens has the authority to demand those releases, however.” (http://www.businessweek.com/news/2012-04-12/mf-global-creditors-say-brokerage-trustee-isn-t-helping)

    Furthermore the release prevents we victims from suing the trustee amongst many others.

    Thirdly, by signing the release you are, according to my reading, subjecting yourself to potential clawbacks of money you have had already returned to you for an unlimited time into the further.

    I am not signing it.
    ————————-
    Your liabilities stated in para 3 are to return ..
    “(1)distributed in error
    (2)to exceed the claimant’s pro rata share of the customer property,
    (3) subject to liens or claims of the MFGI estate or other persons … and hold harmless the Released Persons (defined in para 2 to SPIC the trustee, MFGI and all others involved in this “liberation” of clients funds on deposit in places undisclosed – perhaps including JP Morgan the bankers of MFGI??).”

    • i swear only people deep on the inside know ANYTHING. i called the number yesterday gave them my claim number to ask for a status and they told me nope your determination claim has not been processed give us a call in 2 weeks and check again. I received my determination letter at 1 pm today april 4.

      • Thanks for the heads up, Liverpool. I called 10 days ago and was told “not yet, but expect within 2 weeks”. I called agian today and got exactly the same answer………. So I will watch the mail.
        Expect that the Judge and/or Trustee will iron out the Release issues in court tomorrow (April 12), so want to get my determination letter (and sign release) so I can be in the queue to get the upcoming distribution.

  5. I was a customer of MFGlobal through eTrade. eTrade was the introducing broker and MFGlobal was the clearing broker. I believe that eTrade has liability in this matter. They introduced me to MFGlobal. I relied on eTrade’s introduction. Does anyone know if there is a class action against eTrade in this matter?

  6. I feel very bad when I hear people saying that MFGlobal customers have already received 72%. This is not correct. This is a lie and even offensive for every customer like myself who had 4d but also 30.7 funds and that are suffering on the brink of bankruptcy. I had 1/3 of my funds on 30.7 funds an as such I receive 2/3 * 72% + 1/3 * 0% = 48%. Please stop saying customer have received 72% and start saying something for 30.7 funds customers. Thanks.

    • BAD? I am beyond disgusted and repulsed!!! My foreign accounts were closed for 2 YEARS!!!!! but the way mf did there accounting they left money overseas in the 30.7 US SECURED.. Bear in mind once again these accounts were closed.. THe truste then subtracted all that money from my US SEG funds!! THis is pure theft. No one will explain to me the absolutely retarded rationale for this. Yes the 72% number is complete BS. I have gotten al ittle over 50% back..

  7. UK administrator refused to cough up the secured 30.7 accounts that belong to US customers. THis seems like a big blow to everyone who traded in foreign future contracts including myself. Someone please explain the rationale into the belief that they are entitled to this money. this is more BS.

  8. ****** Settlement Update *******

    Personally I’ve received a figure different and better than advertised. I hope everyone else is getting or will shortly experience the same. I have and encourage the rest to donate to the CCC legal fund. This not just a bankruptcy fight, but a high watermark event for the “future of futures trading.” On the conference calls John Roe explains the cause and significance of today and I’m sure will express what larger effect it can have over time. SO DONATE to what is also a lobbying effort to constructively change where we invest.

  9. Nov 20: NEXT TRANSFERS: The Trustee is planning a third phase of transfers to “true-up” the value of all claimants’ distributions to 60% of the “net equity” of their accounts, including a few hundred accounts not included in the first two bulk transfers. Distributions may be made by bulk transfer, if feasible, and through an individual claim process.

    Dec 9: Excerpt: “James W. Giddens, the Trustee for the liquidation of MF Global Inc., is pleased that U.S. Bankruptcy Judge Martin Glenn today approved the Trustee’s request for approval of a bulk transfer and distribution to former MF Global Inc. retail commodities customers with US futures positions, which should result in those account holders receiving approximately 72% of their property.”

    It’ll not just be me who can calculate a difference between 72% of total acct value, versus 60% of net equity. So I agree, putting out these gross figures, which could vary siginificantly in result, is rather misleading. But makes good headline as the % figure gets posted higher each time.

  10. finally at least some clarity on fx from cme site:

    The distribution takes into account cash and the haircut value of securities held in US segregated accounts. Non-cash assets may be subject to transformation to cash by the Trustee. Any amounts held in non-USD balances will be converted to USD by the Trustee and be accessible from receiving firms in USD only.

  11. Honestly this site and the trustee must stop advertising the 72%. That is a fabrication of what is going on. I know no one except cme future traders that will be eligible for this amount. If you had any foreign currency or traded in any foreign bond you’ve got practically nothing back. this is a fact. The trustee is holding back profits in foreign instruments even if liquidated. If the profits are in the wrong buckets you will receive nothing.

    • Has anyone had clarification from the trustee on whether customers with both USD and foreign denominated accounts who have received $0 so far will get anything in the 3rd round?

      • FYI, I received a clarification from the trustee who called me back. The prior rounds of distribution were only of accounts that were 100% “segregated”. If an account grouping had secured as well as segregated funds it was passed over in prior rounds of distributions. At least for US domiciled accounts, the 3rd round will be of 72% of value in segregated funds; but not necessarily of any secured funds. My non USD balances are “secured”; presumably the cash is not within jurisdiction of the US trustee. Hope this helps. Have to say I never realized the difference between the two on my statements.

  12. The accounting used is borderline insanity as far as i am concerned. I have an 18 month old dormant account with a zero balance. Unfortunately that zero balance is -50k in US dollar versus 50k in foreign denominated currency. I had no say in this matter this is how it was closed out 18 months ago. What the trustee did was take my short 50k in US dollars in the dormant account and subtracted it from my master in addition i got no credit for foreign currency cash leaving my master account segregated US dollar account 100k less than my OCT 31st balance. THerefore i only received 45% in the second bulk transfer and will likely receive maybe 7-8% in the 3rd transfer. THis is completely cockeyed. Does anyone know who actually got the full % transfers? I know people who have received less than 20% some 30% some less than 10%. The only guys I know who got the full % of transfers were the traders on CME? the numbers being put out by the trustee seem very exaggerated. The only scenario seems extremely fishy as well. My opinion is the trustee knows exactly where that money is.

  13. Hi Sir,

    I am joining up and giving you an engagement letter regarding my issue however i needed some clarity on today’s trustee release regarding foreign positions

    “Assets in Foreign Depositories
    The Trustee has made important and significant progress in identifying and returning assets of the US segregated customer property, now under the Trustee’s control, for customers who were trading in US positions. Many customers, in addition to trading through US derivative clearing organizations, also held positions in foreign commodities traded through foreign depositories, which are called secured 30.7 accounts.

    It is estimated that these accounts could have a value of less than one billion US dollars. These assets are now under the control of foreign bankruptcy trustees, and the Trustee will use all means available to gain control of those assets held by foreign entities for the return to customers. However, it has been the Trustee’s experience that recovery of these foreign assets may take significant time. At this time, the Trustee does not have control of these assets and it is not known when, or if, the assets will become available to the Trustee. However, all customers of MF Global Inc. are strongly urged to file, before the January 31, 2012 deadline, any claim they believe they have for US and/or foreign positions they believe they had in their accounts.”

    Posting this on the website says that any account related to foreign positions will be forwarded to the foreign trustee.

    They are acting so immaturely

    I have a net balance of $517700 in my account of only which $94 is in the foreign futures as that was a forward valuation balance that was of a lme trade.
    Lme trade’s profits are forwarded after 90 days of squaring off the trade.
    My trade was done in august and squared off however the profit remained due on 30 Nov 2011

    Due to this reason, I have not received a single penny back in my account in the bulk transfer nor any withdrawals dated 28 Oct.

    I have a few more friends who are in exactly the same situation, holding over $300,000 in balances and having only about $3000 and $11000 in the forward valuations.

    Please advice what is to be done and what can be done?
    If you can appeal against clients like us who have such small foreign exposure but have 100% of our monies stuck due to this.

    Regards
    Mr. Kataria

    • Dear Kataria,
      for what it’s worth – I had only cash on Oct 31, but I kept all my funds in €, which were all in segregated 1.25 accounts. Only a very small amount was in secured accounts. I have not received a single penny either, because I u/stand they only paid out USD as part of the 2nd bulk transfer. The Trustee tells me that I should be part of the 3rd bulk transfer, which will include FX. However, as you do, I am wondering if my 1.25 segregated € were not placed in another jursidictions , hence outside the Trustee’s control.

  14. Hello… I have one of my membership seats tied up at MF Global as a result of a 106.A-B form. I have been told that the bankruptcy trustee is the only one who can release this 106.A-B authorization. Anyone have any information about this topic?

  15. I support the good work the CCC is doing. I am sending an engagement letter.

    I have COMEX warehouse certificates in my account. I hope to get answers to my questions below in time to decide whether to try to buy them back by making a claim for “Specific Property” which must be made by 12 Dec otherwise they will be liquidated.

    My questions are:
    1. Is there anyone else here in the same position?

    2. What happens if they are liquidated? Is it better to make the claim for specific property and pay to retrieve the certificates or might it be better to let them be liquidated? If they are liquidated will the price acheived affect me directly since surely my general claim will be based on the value of assets at 31 Oct. Will the proceeds of any liquidation just be fed into the general assets or will it affect me directly?

    If metal prices are today lower than that of 31 Oct can I let them be liquidated, making my claim based on 31 Oct value and if I chose buy back in the market at a lower price, or would I only get a proportion of the price the trustee obtained?

    I’d be very grateful for for any information as this is a large proportion of my retirement assets and I haven’t managed to find any information on the above..

    • I am in the same situation.

      Have you had any luck?
      Is completing the claim form saying that you will pay to have it returned?

      Do they not already have all our account info on file?

  16. 5 years ago, I got an account for the purpose of trading gold futures in order to take delivery of some gold contracts. My account rep discouraged me from doing that because he was aware that many of the big firms were orchestrating a “coordinated short fuck” of the gold futures market. I was not famiar with that terminology and when I asked him to explain, he detailed how the large firms were going to go short a huge amount of contracts (and that my trades were inconsequential) and that they would “run the stops” to shaft holders of contracts at current contract prices and cover at some much much lower price level. I was surprised that coordinated activities like this were permitted, but he assured me they were and even encouraged by the regulators and government officials overseeing these markets. Anyway, I lost a lot of opportunites for a few years because I went short based on his advice. I finally got enough balls to follow my own path and started going long and was preparing to take delivery of a Gold Contact for the current December expiry. Unfortunately, this stuff with the bankruptcy happens and this asshole from a firm I never heard of informed me that he was contacting me for a margin call. I thought he was totally full of shit and told him so, but then I received an adjusted account statement from the new firm the next day. I called the firm and inquired what was going on. I was informed that my account was negative more than $13,000 from the more than $300,000 I had in the account just the week before. The account manager I talked to simply said, “It looks like You got fucked.” I started thinking, “Gee … Tell me something I dont know.”

  17. I received a phone call from someone who works for the trustees law firm. I had contacted the trustee via their website inquiring about the status of my money. He told me that I may not receive any money back from the trustee, because the trustee’s legal motion to return 60% of client’s money may not apply to non USA persons. I am a Canadian and have been dealing with MF Global in Chicago for 15 years. Can anyone confirm whether this is true or not? Your help would be much appreciated.

  18. I closed my ES positions 10/31 and requested a wire transfer the same day. I have heard NOTHING or seen NOTHING? Is there a good contact ANYWHERE that can tell me WHERE my money is???
    Tom Burnett
    Midlothian VA
    804.272.1067

  19. I agree with you that it’s none of their business and asking to submit this is ridiculous, and that we should be able to exercise all rights and remedies. But nevertheless, as the request reads, he wants copies of complaints that you written “at any time” to “any person or entity or regulatory authority” about the cash/property that you are now seeking. Therefore, I and I’m sure hsduann, the original poster, is wondering the same thing – what’s the purpose of this other to intimidate? and how’s it any of his business? However, does he have the right to throw out your claim if you don’t provide this information? When you are about to sign this document, it reads “IT IS A VIOLATION OF FEDERAL LAW TO FILE A FRADULENT CLAIM. CONVICTION CAN RESULT IN A FINE OF UP TO $50,000 OR IMPRISONMENT OF UP TO FIVE YEARS OR BOTH.”
    So…. the question is simply – if you don’t provide copies of such correspondence, are you filing a fradulent claim??? Or can he throw out your claim based on some technicality?

  20. Hello – On the Trustee Claims form, they ask us to also submit “If, at any time, you compalined in writing about the handling of your commodity futures accoutn to any person or entity or regulatory authority, and the complain relates to the cash or other property that you are now seeking, please be sure to provide with your claim copies of the complaint and all related correspondence, as well as copies of any replies that you received.”

    What is the purpose of this? Should we be scared in terms of writing letters now? This could potentially be retaliatory – am I being paranoid?

    • I noticed this as well. Is this typical on a form such as this? Why would he have the right to know what I sent to my Congressman or local paper? And if I did not tell him would that make my claim inaccurate?

      • They don’t any right at all to know if one complained about having their money stolen –I am assuming that what they mean is that prior to the bankruptcy did you have any issue with MFG–

        It is none of their %#* business otherwise. Anyone with an ounce of common sense would assume that someone who had funds brazenly stolen from underneath them would complain bitterly to anyone who would listen, and would continue to do so until their stolen funds were returned, and only an insensitive idiot would ask that type of intimidating open question.

        To assume otherwise would mean that not only have we had our money stolen and our trust violated, but now we have had our freedom of speech taken away.

        The trustee should clarify what he means by this and should never have asked such an obviously “laced” question.

  21. I am curious as to just what a “segregated account” is at the MFG level. Are they supposed to maintain special bank accounts designated as “customer segregated accounts” within its title, the sum of such accounts which covers the total of all of the outstanding balances of each of the customers? In other words, when they raided these, did they actually go into these special accounts and illegally withdraw funds?

    Or is this just some type of side spreadsheet that simply designates portions of MFG assets as belonging to customers, which they manipulated? (i.e kept two separate set of spreadsheets (books)

    When people deposited monies with MFG did these actually go into a special bank account labeled “segregated”? If I am not mistaken, whenever I deposited funds to my account at Harris Bank they were designated as for further segregation to the account of me ? Does Harris Bank have a duty to the MFG customers?

    If in fact there are special bank accounts labeled as segregated, then any withdrawal from them to be used for unintended purposes would obviously be a crime (grand theft) and a pure breach of the fiduciary obligation of management to keep our funds segregated.

    I am worried that in all of the accounting mumbo jumbo that losses from other MFG activities may get improperly allocated by the Trustee against our funds.

    The Trustee owes us an obligation to rapidly disburse the funds in his possession (all of which represent MFG customer segregated funds anyhow) to us immediately. He should be able to rely upon the system (maintained by outside parties) which more than adequately tracked customer accounts. No one that I am aware of has ever disputed their statement balances, which were provided daily. If there were any problems here, we would have certainly heard about them.

    The Trustee owes us an obligation to go back and have all mis-directed withdrawals be clawed back into the estate and be paid immediately to customers
    who had their money stolen. Further he owes us an obligation not to allocate losses from any of MFG’s prop. trading to the segregated accounts of customers.

    I am also curious as to what information and accounting reports will be made available to the public, generated from the investigation by the 200 plus auditors on this case. Will the CCC be privy to this? Or does the fact that JPM sits on the creditor’s committee mean that all of the numbers and investigative reports will be seen only by them and as a result will be deep-sixed.

  22. I am a MF Global customer who was in 100 percent cash at the time of the bankruptcy. I have yet to be contacted by anyone nor receive one penny.

    The trustee has now posted a claim form on their website, and I will submit my claim. I trust some provision is being made for those who may have died, are in the hospital, or otherwise have no knowledge that MF Global is in bankruptcy.

    There are several things that I do Not understand. These are:

    1) Why MF Globals’ statements posted on their web site that segregated customers funds were insured by SIPA, are not insured for commodity customers? I have copies of these as “pdf” files, and no distinction is made between commodity and security customers in their statements.

    2) Why US Bankruptcy law cannot hold the directors, officers, and managers of MG Global personally and collectively liable for any missing funds? Yes, I understand MF Global is a corporation, and the corporation is in bankruptcy. But while the corporation may exist on paper as a legal entity, it only can perform acts based on the direction of its directors, officers, and managers. Where “illegal acts” are involved, a responsible person would think those responsible could be held financially liable.

    3) Why the exchanges (CME for example) cannot reverse any trades made with customer segregated funds? I do realize those trades must first be identified. My guess is, that just like the Equity Insurance fraud of the 1960’s that tracked their illegal activities using a “9” computer code, MF Global had some tracking mechanism in order to be able to restore customer segregated funds. Persons in the ADP department that were very helpful to me over the years, and who were very knowledgeable of Lind-Waldocks computer system were {names withheld by poster}. They may have some insight.

    I know the trustee has put forth a good effort given the number of individuals involved and the time constraints placed on him. The one complaint I do have is that the people staffing the trustee call-in number (1-888-236-0808) have little knowledge and seem to be unable to provide any information — just take your name, phone number, and email address. To their credit, they do provide some empathy.

  23. I feel like I am one of the lucky ones as I only had 30k (cash) sitting in an MFGlobal account I have not traded on in years. Never the less, this has totally shaken my confidence in CME, SIPC, FINRA, FDIC….. etc. to the point I have shifted most of it around and out of other FCM’s and brokerages into banks, then from banks into my backyard (just read the fine print of FDIC protection). I will be moving 90% of the 60% as soon as possible before they change their mind.
    But I am wondering if there are some actions that could be taken such as:
    1) Taking each one of the MFGlobal officers to small claims court for the maximum allowed.
    2) Upon failure to collect, appropriate the loss by issuing 1099’s as income proportionately across all the officers.
    3) Taking the employees to small claims court, especially the ones that made off with big bonuses before the collapse.

    I’m sure if Corzine got buried in 1000’s of small claims court cases he go bankrupt just defending each one. Eye for an eye I say.

    Comments?

    • Dean, what Fine Print of the FDIC protection are you talking about? Please share. I’m concerned. I don’t know about the Fine Print you’re referring to and really need to know. Thanks. Diane.

  24. The bankruptcy trustee is commingling my customer’s SEGREGATED funds with the corporate carcass. There is no basis for any hold on any of those funds, unless the trustee is looking forward to being named in the thousands of lawsuits, upon which legal careers may be built, that will follow this debacle.

    Why is Jon Corzine not at least in protective custody?

    The CME Group along with every other exchange and/or clearing organization in the futures business has serious moral (as well as practical business) obligations to make every customer 100% whole immediately.

    Fix the customers now, so we can get back to work.

  25. I ‘had’ a small 5.5k account with this outfit for about a year …it was left deliberately in place with them ( because they were one of the biggest brokers – certainly in terms of clearing and execution statistics – and the 2008 GFC bailout precedent clearly protected the biggest ) as I went through family separation and the emotional turmoil of losing my son, home, job and everything else in the process…
    I had just completed the paperwork to open an account at a different broker and moved to close the MF account ( 25 Oct ) and start to get on my feet again….. while waiting quietly for my funds to arrive by post it was public media which then informed me in Nov that the MF’s Group filed for chapter 11 and somehow hundreds of millions are missing…..no worries I think as I closed the account ahead of the filing and had specifically asked for a bank cheque……… well – I get a cheque on Nov 15 ( despite written communication to send a cashiers cheque – because thats what they wanted from me when I opened the account ! ) which is of course worthless…. so instead of holding a bank cheque and no worries in my hand, I have a worthless piece of paper and a bottomless pit of worry …

    I am told by the trustee that I have to make a claim……. what bullshit is this – they know who had cash in their accounts – they have a full set of statements at filing date and they know who ‘cash’ client payables are…( represented by all the unpresented or dishonoured chqs they have ! )….
    Isnt this what the CFTC is for – protect us and pay up !….the clearing member owners got heaps of capital from the fed and they are alive and well -you made sure they were ok so now pay up to the little guy! – we are the ones who dont get bailed out by the fed if we are too big…. well the little guy is sick of going under for being a good citizen and believing in the regulators and watchdogs to protect them…..

    My meagre small ‘nest egg’ ( nothing much to many lucky humans but everything to me ) was a last refuge of savings which I could call upon to rebuild my life and begin again… so much for the CFTC and every other regulator who was supposed to be protecting the segregated funds of clients !…their proud statements typically say the following – ‘never a default on any regulated exchange in their 160yr history’ – thank goodness the clearing members are ok – oh …and guess what – the banks are the clearing members so they own the exchanges – so they make sure they get their money….same with the legal sharks and the tax boys – but the poor little ‘reasonable man client’ has to fill in a claim form ( like its insurance and it can be contested or determined by them what you ‘should’ get ) for what his statements say to be so !!!

    This is exactly what the CFTC is for – pay 100% of cash balances held or closed prior to the filing now !

    As for JPMorgan – their claim is par for the course – they should sort it out with Geitner through the NY fed where they always play – leave the poor client minnows alone…..you have all pillaged the reasonable man too much already…. if this was a corporate and the minority shareholder was being screwed or taken for a ride the SEC would act right ? – well if thats so then where is the CFTC for the futures client !!!!!!!!!!! – Pay Up….!!!!

    Strangely if the CFTC continue to avoid full payment to cash balance customers – they might be putting themselves in a precarious place as the cheques that myself and other clients received for funds closed ahead of the filing were from a business that was regulated and supervised by them and certified to be in order…..separately – if client demands were not adhered to perhaps questions might arise as to why – was there a deliberate, willful misrepresentation … hmmm ….just a little bit of due diligence should readily provide the answer to this one …..

    JP Morgan were the gurus who designed, developed and disseminated most of the CDS garbage that began the liquidity crisis in 2008….like a game of ‘pass the parcel’ and it reached the end……- Mr Walker ( same name as the famous Phantom comic book character) was the well paid expert who took it to London and Europe – and unleashed it for all interested players to participate in and help boost income on bank balance sheets over there …… these seeds are now ripening and working in many ways to assist the consolidation and concentration of commerce and power the world over…..

    My family will not be having Christmas, not my children or my grandchildren or any of the people close to my family who deserve to be remembered for being good souls….

    I bet this is not the same for those who perpetrated this mess on civilians – the business owners, business managers, legal advisors ( both sides ) accountants ( both sides ) and of course all the exchange and regulator employees who saw this coming and prevented it …. since no one has seen anything – one might ask why any of them are in a job and why they should get paid and be ok……

    May all MF’s clients be supported by the actions of authorities and get full payment for their client account balances immediately so they can at least be able to have a Christmas – and something to look forward to in a new year…

    if the authorities let us down on this one – then no one will want to play ever again…. that means you will swap your risk amongst yourselves … no one will want to buy it….. and then all systemic risk can be yours too….

    good luck everyone……

  26. I haven’t done anything wrong… my assets have been seized.
    The people who did the wrong have not had their assets seized. Why?
    I was under the belief that if you broke the law you actually paid the penalty…
    not your victim.

    The management who knowingly broke the law should be jailed… their assets seized and made an example to the other mega-company CEO’s who feel that their starched white collars are beyond the reach of common law. Maybe if there were real consequences for breaking the law, CEO’s would actually run a tighter ship.

    In Canada, they turned to accountants to fix this situation…. in the USA, it appears that they are turning to lawyers in order to avoid doing the right thing.

  27. The majority of my assets are invested in the commodities markets and managed by several Commodity Trading Advisers (CTAs). While I only had a small portion of my assets with MF Global, this incident marks the second time my money is lost. The first time was some 10 years ago, with a company, ironically enough, called InTrust. Fool me once shame on you; fool me twice, shame on me. Well, I have been fooled twice and I’m not about to be fooled a third time. I have lost confidence in the ability of our regulators and policing agencies to protect my very hard earned money.

    Effective immediately I’m starting to shift my investments away from commodities. I won’t be back until my confidence is restored and the current system is overhauled, to where I’m fully confident that my money will be returned.

  28. I had many positions on when I was notified of liquidations only. So I tried to liquidate all positions all were filled except my cocoa and MN wheat. The transfer occurred to RJO then I was allowed to put some stops in which were stopped out. But they only transferred $4000 to my account which needed $16,000 for margin. So they were on me to meet the margin but I got out just before they sold me out. So I still have about $170,000 at MF global. I sent the form for my cash back in e mail and by US registered mail.
    Please advise as I want to join any group to lock these criminals up.
    Best, Ron B..

  29. I have had to sell my retirement monies just to meet margin calls @ RJ Obrien!…I was always told by my broker at Lind Waldock…bought by MF Global then BANKRUPT that my segregated funds were as safe as if they “WERE AT THE RIGHT HAND OF JESUS”…NOT…the Trustee lied when he said” ACCOUNTS ARE BEING TRANSFERRED”….my positions were sold out from under me …I was prepared to take delivery of two metals positions…instead,.I incurred a $34,000 + loss and the positions were repurchased with no authorization from me….at higher prices….Jon Corzine was the CEO…the BUCK stops at the top…He needs to have his assets FROZEN…just like mine …..then GO TO JAIL!!!!!!!!
    I’ll cuff him myself!!!!!

  30. On 10/31/11 my account balance was over 250000. 23% of that was transferred over along with my open positions. Since that date I have had to sell all my positions to cover my margin deficit. This was my retirement that was stolen from me. Not sure why but am still dumfounded as to how these crooks (Corzine and his cronies AND the bankruptcy trustee and his cronies) have managed to pull this scam off.

  31. Our account had an asset value of roughly 21.5 Million USD as of October 31. We received roughly 2.6 Million USD through the CME to RJ Obrien with our US open positions.

    What happened to our foreign positions could not be determined. Thus roughly 12 Million in various foreign currencies and 7 Million in USD remains with the trustee. Nobody there can provide us with any useful information. So we have thus far received roughly 12% of our assets there and no further information.

    If 1.2 billion USD is missing from these segregated accounts, where do we stand in line among all the creditors to the various MF Global entities?

  32. I had my IRA with MF Global. Extremely conservatively invested, 80% cash. The timing for my withdrawls tied perfectly with my son’s college entrance. Guess what? I am frozen out and I am at critical point with regard to forwarding funds to the university. What does a segregated account stand for? Where is CMW in this? To date, I have received 19%. No communiation from MF or CME as to why my segregated account is being held hostage. Welcome to the USSR my friends.

  33. I trade at the NYMEX. I cleared through Sterling Commodities Corp. They sold to MF Global 3 months ago. I had 3 accounts totaling $237,000. Most of which I used to make a living.

    I asked on Friday, October 28th if my account was safe. The response I got from MF employees was, “yes.”

    I pulled out $30,000 anyway just to keep me floating for a couple of months. That check bounced (obviously), and now I am contemplating selling my house to keep my bills from stacking up.

    I am 32 years old. I have two babies under 3 years old. I am the sole breadwinner in my family. How am I supposed to live?

    I feel as if someone robbed me. I would have rather had someone approach me and try to steal my money, because even if they succeeded at least I would have been able to attempt to defend myself.

    David Kasouf

    516-902-6779

  34. I’m from South Africa, and opened an MFG Futures account on 10.21.2011 with $495 000. I did a few trades and was in cash of $504 000 on 10.31.2011, the date of bankruptcy. I’ve lost all faith in the USA boasting of regulation of Financial Markets. The USA has lost manufacturing jobs to the East, and relies on service businesses such as Futures to create and keep jobs in the USA. I don’t see anything approaching a serious attitude from the USA Congres and Senators in this regard. Corzine and his CFO know exactly how the money was stolen, yet they are not yet arrested, while the bankruptcy trustee hires armies of forensic accountants to find how those two pulled off the heist. Obama should save USA jobs by stepping in and having Corzine and his CFO arrested and pressured to talk. I am considering going to the Hong Kong metals exchange with whatever money I get back out of this mess. What a fantastic disgrace to the claim of American excellence this is. Obama says “we can”, but actually “Americans can’t”. I have more faith in the Chinese Poliburo to protect my money in the Futures Market in Hong Kong.

    I’m an accountant. The accessing of client accounts to the tune of $593M to shore up MFG’s proprietary bets would have required a decision by Corzine, and the execution of it by the Chief Financial Officer. Clearly neither of the two is talking, as over one hundred forensic staff are busy searching for the mising $593M. What about offering the Chief Financial Officer a 100% immunity deal to explain exactly what went down, and where, when and how the $593 got fiddled. It would save a fortune of creditors money in MF and bring instant clarity, something the market really likes.

  35. On 10-26-11, my balance was $69,974.81, entirely in cash. I called my trading desk and asked for a check to be sent to me for $60,000. Check # 387928 was issued by Harris Bank on 10-27-11 and was received in the mail on 11-2-11. I deposited the funds in my Bank of America checking account but they immediately bounced.

    The balance on my account as of 10-31-11 was therefore only 9,974.81. If there is to be a partial distribution for cash only accounts, my actual balance should read $69,974.81.

    Thanks for any assistance which the CCC can provide,

    Bill Rothschild
    Wellesley, Ma.

    781 237-2367

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