Money is still missing at collapsed brokerage MF Global—but investigators now think they know what happened to it.
A Commodity Futures Trading Commission-led probe has determined what became of almost all of the customer money that disappeared as MF Global slouched towards bankruptcy last year, The New York Times reports. But authorities haven't actually recovered all of it, merely tracing the hundreds of millions of missing dollars, some of it belonging to MF Global hedge fund clients, to banks.
The CTFC isn't saying where the money wound up, as it determines the best way to try to get it back. All authorities will say is that they are making progress and have traced more than 90% of transfers.