As Jon Corzine prepares to testify before Congress on Thursday for a third time, the federal investigator heading the probe of MF Global said regulators now know where the clients? missing money went, according to Reuters.
Corzine, the ex-New Jersey governor and former CEO of the brokerage firm, was at its helm when more than $1 billion in client funds vanished, leading to the firm?s sudden bankruptcy and an investigation by the Commodity Futures Trading Commission.
Continue ReadingJill Sommers, who is leading the CFTC?s review of MF Global, told Reuters that regulators ?are far enough along the trail? that they know where the money went.
?Now it?s just finding out which ones of those transactions are legitimate and which ones of them are illegitimate,? she added.
Earlier this week, Corzine acknowledged his ?embarrassment? at the scandal during testimony in front of the Senate Agriculture Committee but asserted that he was not involved in the misuse of customer funds.
?I want to be clear: I never gave any instruction to misuse customers? funds,? Corzine asserted Tuesday. ?I want to say again, I apologize to our customers, the farmers and ranchers ? my embarrassment does not blind me to the fact that they bear the brunt? of MF Global?s bankruptcy.
Corzine is set to testify to a House Financial Services sub=committee on Thursday afternoon, and will continue his attempt to act contrite, while maintaining he doesn?t know what happened to the clients? money.
?Recognizing the enormous impact on many peoples? lives resulting from the events surrounding the MF Global bankruptcy, I appear at today?s hearing with great sadness,? Corzine will say, according to prepared remarks. ?My sadness, of course, pales in comparison to the losses and hardships that customers, employees and investors have suffered as a result of MF Global?s bankruptcy.?
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