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Taking the fall at MF Global

Nearly five months after some $1.6 billion in customer money went missing at bankrupt brokerage MF Global, the question remains: Will anyone be held responsible? A congressional subcommittee will take up the issue on Wednesday in the latest hearing on Capitol Hill to focus on the firm’s collapse. Watching anxiously will be the 38,000 former MF Global customers who are still missing money and are waiting for someone to be held accountable. “We’ve been arguing for a long time that at a minimum, this was larceny,” said John Roe, a partner at BTR Trading Group who has advocated on behalf of MF Global customers. “This was a company appropriating money that wasn’t its own.” While the case had been quiet in recent months, that changed last week when the subcommittee released a memo detailing a critical $200 million transfer out of an account holding customer funds.