MF Global Inc.'s bankruptcy has revealed that 38,000 customers may be missing as much as $1.2 billion dollars from their accounts, says Jeffrey Sonn, Esq., a nationally known securities attorney at Sonn & Erez. A previous estimate of about $600 million in missing funds was raised to $1.2 billion yesterday by James Giddens, the trustee appointed to liquidate the company and distribute refunds to customers. The bankruptcy estate of MF Global, which had previously run out of money to contribute to the 60 percent it plans to distribute to customers, will receive $1.3 billion from Harris Bank in Chicago. It's the last large sum that will come into the estate. "This means that customers, employees and others who have lost money will have to sue officers, directors and other banks who may have helped, via intentional fraud or negligence, to cause the collapse of MF Global," said Jeffrey Sonn. "We have been contacted by customers to help them recover their losses," added Sonn. If the missing money amounts to $1.2 billion, that would mean customer accounts are missing about 22 percent of the total of $5.4 billion held in segregated accounts.
Sonn & Erez PLC represents investors and others who are the victims of securities and investment fraud. For more information about MF Global, contact Jeffrey Sonn, Esq. at 1-866-372-8311 for a free consultation.
