Emails Offer Clues to Missing MF Global Millions

$200M of customer cash transferred to JPMorgan
By Rob Quinn,  Newser Staff
Posted Dec 21, 2011 1:30 AM CST
Emails Offer Clues to Missing MF Global Millions
Former MF Global Chairman and CEO Jon Corzine testifies before a Senate committee last week.   (Getty Images)

Investigators on the trail of the $1.2 billion in customer funds still missing after the collapse of MF Global have found emails detailing money transfers made in the securities firm's dying days at the end of October. One email chain details the transfer of $200 million—believed to have been entirely money improperly taken from customer accounts—made to JPMorgan Chase on MF Global's last business day before it filed for bankruptcy, sources tell the Wall Street Journal.

JPMorgan, unusually, sought assurances that the cash did not come from customer accounts. Investigators believe that knowing who authorized the transfer will help them untangle more of the chaotic flurry of trades MF Global made at the time, reports the New York Times. Former CEO Jon Corzine—who has testified before the House that he has no idea where the customer funds ended up—says the company's treasurer, who is considered a "person of interest" in the investigation, told him proper funds were used for the JPMorgan transfer. It's not clear whether JPMorgan still has the money. (Read more Jon Corzine stories.)

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