A nice explanation of what may have occured at MF Global can be found here.
Prosecutors need to be reminded of the 100′s that went to jail over the S&L crises. Also of interest may be former exchange president Richard Whitney who went to jail for, like Corzine, the crime named embezzlement. Responsible citizens need to ask why these crimes are being selectively (if at all) prosecuted and demand action.
If John Doe steals a hundred dollars from a bank, he goes straight to jail.
If John Corzine embezzles up to $1.2 billion, he resigns and says “my bad.”
Embezzlement is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted
The Commodities Exchange Act, 7 U.S.C. § 13(a)(1), makes it a crime punishable by up to 10 years imprisonment for anyone associated with a commodities dealer
to embezzle, steal, purloin, or with criminal intent convert to such person’s use or to the use of another, any money, securities, or property having a value in excess of $100, which was received by such person or any employee or agent thereof to margin, guarantee, or secure the trades or contracts of any customer or accruing to such customer as a result of such trades or contracts or which otherwise was received from any customer, client, or pool participant in connection with the business of such person.
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