According to a report in the Chicago Tribune the hunt for the missing $600 million in customer money at MF Global Holdings Ltd may begin with Chicago-based Harris Bank, a lender that often holds client money for many large futures brokerage firms. A Harris Bank branch office in downtown Chicago was the main repository for money from many of MF Global's 150,000 customers, according to customers and representatives with smaller investment firms that introduced clients to the New York-based brokerage.
Harris Bank, a division of the Bank of Montreal, is emerging as a starting point in the investigation by federal authorities, who are trying to determine what happened to more than $600 million in MF Global customer money that remains unaccounted for eight days after the firm collapsed in bankruptcy.
A person familiar with a preliminary investigation by the FBI says one of the things authorities are looking into is what happened with the customer money held in segregated accounts at Harris Bank..
Read more at http://www.chicagotribune.com/business/breaking/chi-chicagos-harris-bank-plays-role-in-mf-global-mess-20111108,0,1499634.story
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