Former Goldman Sachs trader Matthew Marshall Taylor pleads guilty to defrauding the bank with an $8.3bn (£5.5bn) unauthorised futures trade in 2007.
Read more here: Ex-Goldman trader pleads guilty
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James Giddens says he has negotiated deals with former British affiliate and failed brokerage’s parent company
The trustee for the failed futures brokerage MF Global Inc has announced two key agreements that are expected to accelerate cash payouts to clients and creditors.
James Giddens, trustee for the MF Global estate, said in a statement Saturday he had negotiated deals to resolve disputes with the company’s former British affiliate and the parent company, MF Global Holdings Ltd. As a result of the UK agreement, Giddens estimated that between $500m and $600m could be returned to the MF Global estate if the deal is finalized.
Giddens, whose job is to recover as much money as possible for customers, has returned about 80% of the money in customer trading accounts. He said claims by MF Global’s securities customers could be fully restored. Commodities customers could get “significant additional distributions”.
The estate has a hearing scheduled for 31 January 2013 before the United States bankruptcy court for the southern district of New York, the first step toward getting the UK agreement approved.
“The trustee’s goal is still to return 100% to the commodities customers, and we will be going before the court in an attempt to achieve that,” said Kent Jarrell, a spokesman for Giddens, on Saturday.
MF Global improperly used customer money to plug liquidity gaps as it was in freefall last year, creating a roughly $1.6bn gap in customer accounts, according to a June report by Giddens. The company filed for bankruptcy in October 2011. As a result of money changing hands during MF Global’s chaotic collapse, company affiliates have been fighting over who owes money to whom.
Earlier this month, Giddens released a report saying that more than 28,000 claims had been filed by the brokerage’s commodities and securities customers – all but 200 have been fully resolved. So far, Giddens has returned approximately $4.7bn to commodities customers hit by the brokerage’s collapse.
Category : Stocks
Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth and Chinese demand. Chinese orders fell 6% Q/Q, Nike mentioned on its call – a slowing economy, changing consumer habits, and inventory draw-downs all received blame. 1 comment!
See the original post here: Nike (NKE) guides on its FQ1 call for FQ2 annual revenue growth in the mid-single digits, in-line with a 4.7% consensus. Gross margin is expected to be flat Q/Q. But shares are down 3.5% AH, as investors continue worrying about futures orders growth…
Several polls show that Americans are still bullish about their own financial futures. What does that mean for the election?
See the original post: Looking ahead, optimism prevails. We can’t help it.
The founder of US futures broker Peregrine Financial Group pleads guilty to a massive fraud involving 24,000 customers in the US state of Iowa.
China’s August HSBC PMI declines to 47.6 from 49.3 in July, and from the flash estimate of 47.8. It’s the lowest print since the dark days of March 2009. The number falls into the “so bad it’s good” category, with Shanghai, Hong Kong, and Sydney all reversing early losses to turn higher as thoughts turn to stimulus out of Beijing. S&P 500 futures, -0.5% earlier, now off 0.2%. Post your comment!
Read the original: China’s August HSBC PMI declines to 47.6 from 49.3 in July, and from the flash estimate of 47.8. It’s the lowest print since the dark days of March 2009. The number falls into the “so bad it’s good” category, with Shanghai, Hong Kong, and Sydney all…
Russell Wasendorf, Sr., founder and chief executive officer of Peregrine Financial Group, was arrested Friday in connection with an alleged $200 million fraud involving his futures trading company, government attorneys said Friday.
Read the rest here: PFG founder Wasendorf arrested in fraud case
Futures brokerage Peregrine Financial Group has moved to liquidate the firm, after its founder attempted suicide and amid allegations of fraud.
Go here to read the rest: Suicide bid, alleged fraud figure in firm’s liquidation