|No MFG Client Funds |
to be Found Here!
So after a four month investigation and forensic analysis (what is this, CSI NY??), suddenly none of the funds ended up at JP Morgan? And we're supposed to believe this when the Trustee overseeing the bankruptcy, James Giddens, has done significant work for the aforementioned back previously!!??
More like it took 4 months to properly adjust the electronic and paper trail of said assets.
Louis Freeh, the bankruptcy trustee overseeing MF Global Holdings Ltd.'s Chapter 11 case, says a forensic analysis has determined none of the estimated $1.6 billion in missing customer cash ended up in the company's account at J.P. Morgan Chase & Co.
Freeh, the former Federal Bureau of Investigation director in charge of liquidating the New York company, said a forensic accounting analysis conducted by FTI Consulting Inc., the trustee's financial adviser, found no missing customer funds in an MF Global cash collateral account at J.P. Morgan."After an exhaustive investigation, which included the review of volumes of bank statements and an extensive population of cash transaction activity during October 2011, the trustee does not believe that any of the cash in the JPM Account as of the petition date represents misdirected customer property," Freeh said Thursday in a filing in U.S. Bankruptcy Court in New York.
The investigation focused on the flow of funds to and from a J.P. Morgan account of MF Global Finance USA Inc., which FTI described as the 'internal bank' for the MG Global group of companies, in the weeks before its collapse...
Giddens, according to court papers, "agrees with the conclusion reached in the report that the cash in the JPM Account as of the petition date does not appear to include misappropriated [brokerage] customer funds."