He thought he knew which way th market would move and he expected to make a big profit and then put our money back, but the market went the other way and in desperation told the treasurer to borrow our margin money on deposit expecting to replace it when market turned, but the market
did not turn and he was then forced to declare bankruptcy.
Embezzlement with intention to pay it back is still embezzlement.
REFERENCE December 05, 2011---Fox News Report:
Bill Clinton Reaped Big Bucks Before Collapse---MF Global Employee Links Clinton to Corzine's Bankrupt Firm
A former MF Global employee accused former president Bill Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy, reports Human Events.
Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution, according to Hum/Events. The Teneo contract with MF Global lasted at least five months, the souce said. “The board cancelled it after Corzine resigned.”
The source, who is no longer associated with MF Global, said Teneo is a dual-track company with one side devoted to merchant and investment banking and the other side set up to provide image and strategy consulting services.
Clinton is the chairman of the company’s advisory board, reports Hum/Events.
http://nation.foxnews.com/mf-global/2011/12/05/report-bill-clinton-reaped-big-bucks-corzine-firm-collapse#ixzz1fhH3pHHH
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The Bank Secrecy Act needs to be mobilized here----enacted to prevent bank investors, patrons, depositers, etc, from fraud.
Charges might include: (1) criminal tax fraud, (2) deliberately misstated income, (3) filing false IRS returns, (4) falsifying official documents, (5) intentionally mislabeling personal expenditures as business expenses, (6) utilizing investor funds inappropriately, (7) fraudulent use of investor funds for lavish personal expenditures, (8) fraudulently declaring personal expenditures as legitimate business expenses.
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REFERENCE Corzine’s financial my$tery / NY Post, January 8, 2012 / By Jonathon M. Trugman
It’s been a long while now since that frightful Halloween 2011 when MF Global filed the eighth-largest bankruptcy in US history. Too long a time if you are an MF customer and can’t get access or answers to what happened to your money.
Certain individuals at MF Global breached the sacrosanctity of segregated customer accounts to cover for liquidity shortfalls induced from extremely leveraged bets gone extremely bad, reportedly made by CEO Jon Corzine and his confidants (including MF bigwigs Brad Abelow and Chris Flowers).
Which brings us to a primary point in the MF Global debacle: Exactly where were Jon Corzine’s millions held while his firm was leveraging up 40-to-1? And for that matter, where were his lieutenants’ funds held? Unfortunately, those answers are not forthcoming from any of the parties.
It is almost unanimously mandated by Wall Street that officers of brokerage firms keep their investment accounts at the firm where they work. This is done for compliance reasons. If Corzine and his inner cadre of lieutenants had their millions at MF Global, were their accounts breached, as well? Are they being treated identically to other MF Global account holders in terms of the massive amounts of their missing money and the lack of access to what’s rightfully theirs?
If Corzine et al. didn’t keep the vast majority of their money at MF Global, then why not?
It’s been reported that a mere two weeks before filing for bankruptcy, while the skies were darkening for MF Global due to the European tidal wave, Corzine and his wife were apparently chateau shopping in the south of France, no less. While both Corzine and his wife are extremely wealthy people, chateau shopping just 15 days before filing this country’s eighth-largest bankruptcy are not the actions of a man with good analytical skills or who is overly concerned about the fate of his teetering financial empire — unless his own money isn’t at risk. ####
http://www.nypost.com/p/news/business/corzine_financial_my_tery_5cucZtZho95Sr1MhnotnxJ#ixzz2HTaVKt6v