According to the AP, MF Global, the securities firm led by Jon Corzine, admitted using clients' money as its financial troubles mounted, a federal official says.
An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators raised questions about the company's books, according to an official familiar with the conversation.
It is not clear where the money ended up or what it might have been used for, said the official, who spoke on condition of anonymity because he wasn't authorized to discuss an investigation by federal regulators.
Government rules require securities firms to keep clients' money and company money in separate accounts. Violations can result in civil penalties….
Find out more at http://finance.yahoo.com/news/Official-MF-Global-admitted-apf-602167470.html
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