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Jon Corzine's Company Missing $700M

Feds probe MF Global after today's bankruptcy
By Neal Colgrass,  Newser Staff
Posted Oct 31, 2011 7:31 PM CDT
MF Global Missing $700M After Bankruptcy Filing
Regulators found today that MF Global, a financial firm headed by former New Jersey Governor Jon Corzine, was missing $700 million.   (Getty Images)

(Newser) – A financial firm headed by former New Jersey Governor Jon Corzine is missing about $700 million, federal investigators say. MF Global, which filed for bankruptcy today, was trying to sell part of itself to a brokerage firm when the shortfall was discovered. Regulators will likely pounce if MF Global used customer money to support its own trades during the company's collapse; Wall Street rules require companies to keep customer money separate from company money, the New York Times reports. (Read more Jon Corzine stories.)

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