Case Study: Man Financial

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MF GLOBAL | BANKRUPTCY About the Company: It was originally known as Man Financial, a global financial derivatives broker firm, or commodities brokerage firm. It provided exchange-traded derivatives like options and futures along with over-the-counter products like contracts for difference (CFDs), spread betting and foreign exchange. Company’s broker-dealer subsidiary, was main dealer in U.S Treasury securities. Lots of problems like liquidity problem, large penalties and fines increased in 2008 and which led the company to its bankruptcy in 2011. About the CEO: Jon Stevens Corzine (born January, 1947) is an American politician and financial executive. He was a United States Senator from New Jersey from 2001 to 2006 and was the 54th Governor …show more content…

On Oct. 30, 2011, MF Global was declared bankruptcy. The Outcome MF Global is currently under investigation by the Commodities and Futures Trading Commission (CFTC), FBI, Securities and Exchange Commission, and Justice Departments in Chicago and New York. If customer money was not segregated, there could be criminal charges. Jon Corzine denied knowing details of these funds. A bankruptcy trustee charged with repay lost money for the broker’s clients is already blaming Jon Corzine and other MF Global executives in a class action suit that accuses them of breach of fiduciary duty and negligence. In a detailed report on the Company’s collapse, a House financial services committee’s investigation panel said the broker misled regulators over the size of its Eurozone bond bets. The report says that Jon Corzine and former chief financial officer Henri Steenkamp were not “forthright” about the company’s liquidity difficulties in the months before the broker’s collapse. While civil charges against MF Global executives are probable, there is no indication prosecutors will bring criminal charges related to the firm’s

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