MFGlobal logo

Hmm, I just found out from the Forex Peace Army forum that MG Global (a very big broker) has just filed for bankruptcy this Monday.  I totally missed this one.

“Chapter 11 bankruptcy is for reorganization. The SIPC (Securities Investor Protection Corp.) is suing to force MFGlobal into liquidation. It looks like liquidation is happening.

MF Global isn’t a small company with a few thousand retail forex traders. It is a worldwide financial firm offering a broad range of trading capabilities. This is the biggest financial firm to go under since Lehman Brothers collapsed in 2008.

There are accusations of debt levels being disguised to make quarterly reports look better. There are lawsuits linking it to Ponzi schemes. There are allegations of money missing from some segregated accounts.

This story is still developing.”

MF Global’s press release for bankruptcy filing

MF Global to be liquidated

Traders accounts may face margin calls

Ponzi victims sue MF Global

Wall Street Journal reports possible hiding of debt levels

Possible insider trading of MF Global Bonds

CNBC’s advice for people who invested with MF Global

FPA Review Page for MFGlobalFx

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Friday, November 4th, 2011 at 12:48 am
Brokers, Forex News
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3 Responses to “A Big Broker Goes Broke – MF Global Files for Bankruptcy”

  1. Managed Forex Accounts Says:

    Ponzi schemes…. It’s like Bernard Madoff

  2. Alan Says:

    I know eh. This is some crazy stuff. Makes one wonder if there are any other big brokers that are about to implode like this one.

  3. Shafiq Says:

    It’s a wrong concept to think these as big brokers, as they are mainly about show off without any sensible stuff going on, therefore i prefer a company that does not required to claim been big, but we can easily see how great it is by their work. I trade with OctaFX, it can easily be called as one of the top brokers at the moment in Forex industry and that happens because of their service and fantastic offers like 50% bonus, low spread of just 0.2 pips, high leverage up to 1.500 and much more.

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