Friday, December 16, 2011
MF Administrator Says It Knows Where Money Is
MF Global Holdings Ltd.’s U.K. administrator says it found all of the British unit’s segregated client funds and collected 82 percent of the money.
Richard Heis, a KPMG LLP partner working on the administration, said the firm is trying to recover remaining customer assets, some of which were held by the failed broker’s parent company in the U.S.
Trustees for the U.S. bankruptcy of MF Global Holdings have estimated as much as $1.2 billion is missing from segregated customer funds, which are supposed to be protected. Jon S. Corzine, the former chairman and chief executive, apologized to clients and investors for the misuse of funds at a hearing before U.S lawmakers yesterday.
The allegation in the U.S. “is that nobody knows where the money is,” Heis said in a phone interview today. “We know exactly where the money is.”
Posted by The Doc at 3:00 PM