About $200 million of an undetermined total amount of cash missing following the bankruptcy of MF Global has been uncovered in a British branch bank of JPMorgan Chase & Co. (NYSE: JPM). More than $1 billion in customer funds may be missing.
Investigators believe that the transfer of money from MF Global to JPMorgan was the first instance of the brokerage’s misuse of customer funds, according to a report in The New York Times.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
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