MBF Clearing Corp pulls a MF Global - second roach in the screw over the client motel.....

Mark Fisher Accused By CFTC Of Pulling An MF Global, Depositing Customer Funds Into Non-Segregated Account

Submitted by Tyler Durden on 03/13/2012 12:49 -0400

• Commodity Futures Trading Commission
  
• Fisher
   
• headlines
   
• MF Global
 
• Reuters
   
• Risk Management

Mark Fisher is a staple contributor on CNBC. Or at least was. According to various headlines flashing across both Bloomberg and Reuters, it seems that his MBF Clearing Corp is the first victim of the CFTC expanding its MF Global inquiry, and Fisher's MBF Clearing Corp of performing just the same "vaporization" activity that MF Global engaged in and that boggle regulators' minds.

• MBF CLEARING CORP SUED BY CFTC FOR FAILIING TO SEGREGATE FUNDS
• CFTC ACCUSES MBF OF DEPOSITING CUSTOMER FUNDS INTO A NON-SEGREGATED ACCOUNT THAT ROUTINELY HELD BETWEEN $30-90 MLN
• CFTC ALLEGES CUSTOMER ACCOUNTS WEREN'T PROPERLY SEGREGATED

Oops.

In other news, JPM and Jon Corzine are both completely innocent of anything. But at least the CFTC can say it has done its duty of punishing transgressors and all is now well.

end



Bix Weir comments on the above:
(courtesy Bix Weir)

"MBF Clearing Corp. was sued by the Commodity Futures Trading Commission and accused of failing properly to segregate customer accounts from its own and of violating the Commodity Exchange Act"

"MBF employees from September 2008 to March 2010 deposited $30 million to $60 million in customer funds into a U.S. government money market fund at JPMorgan Chase & Co. without properly segregating them, the CFTC alleged today in a complaint in federal court in New York."

A few comments on this one:

1) This company is FINISHED. The moment that a Ponzi Scheme gets investigated everyone tries to get their money or METAL out. Then the doors shut. That's what a "run" is all about.

2) Just like MF Global customers of MBF will be crawling over themselves to get their hands on their commodity accounts and just like MF Global they will be stone walled. "Fool me once - shame on you...fool me TWICE - shame on me!" (I wonder if Gerald Celente had an account with these guys.)

3) Clearly the CFTC is investigating ALL the riggers within the JP Morgan banking cabal as they are the ring leader. JP Morgan will be the final player to be "investigated" and thus will end the decades long manipulation of gold and silver.

4) It is no coincidence that this lawsuit was filed directly on the heals of the Greek CDS's being triggered. This is part of the PLANNED final battles.

5) This is the first PROACTIVE action taken by the CFTC and it is a clear waring shot for all others running the global Ponzi scheme on the COMEX

6) The timing of the "retirement" of the CEO of the COMEX, Craig Donohue, was related to this suit. He can run but he can't hide!

All-in-all the take down of MBF Clearing should make EVERYONE who trades on the COMEX through brokerage accounts more than nervous.

Watch for the mass exodus from all brokerage houses...then banks.

Is this the beginning of "THE RUN"?! We'll know by next week.

May the Road you choose be the Right Road.