Clients’ $1.7B Lost From MF Global
The sums of customer reserves no longer in sight from MF Global have increased from $633 million to $1.2 billion yesterday and presently at $1.7 billion up to this day, according to Vincent Schmeltz III, who is the lawyer for the 80 member Commodity Customers Coalition. This recent statistics is the outcome of the incapability by the Trustee and the CME, also known as the Chicago Mercantile Exchange to find more than $3.7 billion in clients’ reserves instead of the $5.4 billion expected just after MF Global submitted their bankruptcy on October 31. Seemingly, on October 31, the CME stated isolated reserves amounting to $5.4 billion.
Excerpt:
“The amounts of customer funds missing from MF Global have multiplied from $633 million to $1.2 billion yesterday– and now $1.7 billion today, according to Vincent (Trace) Schmeltz III , the attorney for the 80 member Commodity Customers Coalition.”
Original article can be found at:
Click here for more information on getting the best cheap life insurance rates information. There are other information available as well such as low cost term life insurance.
