Our Review of MF Global Intellectual Properties Kft
MF Global Intellectual Properties Kft
MF Global Intellectual Properties Kft is the official corporate name for a Straight Through Processing Forex broker commonly known simply as MF Global. The company was also involved in other financial markets as well. It was founded in 2007.
MF Global made headlines in 2008 and 2009 when it was known as Man Financial. It was fined over $10 million in fines for violations over a rogue trader who was partaking in unauthorized trading in his own account. The company’s stock price plunged, leading to further erosion. In late 2009, the U.S. Commodity Futures Trade Commission levied another $10 million in fines over MF’s failure to perform proper diligence regarding the supervision of risk.
The trouble all came to a head in late October of 2011, when news of illegal transfers of almost $900 million from customer accounts to the accounts of a MF broker-dealer in the attempt to cover-up trading losses, but the main element responsible for the firm’s ultimate demise may have been an investment of $6.3 billion in the government bonds of highly indebted European nations.
Close to 40,000 MF Global customers were faced with the prospect of seeing the funds in their accounts vanish into thin air, but a N.Y. Times report from 3 April 2014 indicates that the court appointed bankruptcy trustee announced that all customers have been made whole, with the exception of some who chose to take a reduced settlement.