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A Big Broker Goes Broke. MF Global Files for Bankruptcy.
For anyone who missed it, MF Global filed for Chapter 11 bankruptcy on Monday.
Chapter 11 bankruptcy is for reorganization. The SIPC (Securities Investor Protection Corp.) is suing to force MFGlobal into liquidation. It looks like liquidation is happening.
MF Global isn't a small company with a few thousand retail forex traders. It is a worldwide financial firm offering a broad range of trading capabilities. This is the biggest financial firm to go under since Lehman Brothers collapsed in 2008.
There are accusations of debt levels being disguised to make quarterly reports look better. There are lawsuits linking it to Ponzi schemes. There are allegations of money missing from some segregated accounts.
This story is still developing.
MF Global's press release for bankruptcy filing
MF Global to be liquidated
Traders accounts may face margin calls
Ponzi victims sue MF Global
Wall Street Journal reports possible hiding of debt levels
Possible insider trading of MF Global Bonds
CNBC's advice for people who invested with MF Global
FPA Review Page for MFGlobalFx
A Big Broker Goes Broke
MF Global Files for Bankruptcy
MF Global Files for Bankruptcy
For anyone who missed it, MF Global filed for Chapter 11 bankruptcy on Monday.
Chapter 11 bankruptcy is for reorganization. The SIPC (Securities Investor Protection Corp.) is suing to force MFGlobal into liquidation. It looks like liquidation is happening.
MF Global isn't a small company with a few thousand retail forex traders. It is a worldwide financial firm offering a broad range of trading capabilities. This is the biggest financial firm to go under since Lehman Brothers collapsed in 2008.
There are accusations of debt levels being disguised to make quarterly reports look better. There are lawsuits linking it to Ponzi schemes. There are allegations of money missing from some segregated accounts.
This story is still developing.
MF Global's press release for bankruptcy filing
MF Global to be liquidated
Traders accounts may face margin calls
Ponzi victims sue MF Global
Wall Street Journal reports possible hiding of debt levels
Possible insider trading of MF Global Bonds
CNBC's advice for people who invested with MF Global
FPA Review Page for MFGlobalFx