Four of MF Global’s former clients have made public their experiences with the failed financial derivatives broker, each of them losing their money and two of them their businesses as a result of MF Global’s bankruptcy.
One, a commodity trading advisor who wishes to remain anonymous, described her experience when she first learned that MF Global was in trouble:
At first, as I heard, I was quite relaxed because I thought we’ve been through this a number of times in the industry. Usually the client has the opportunity to move [her] accounts—it just gets moved. [But] I knew on Monday something was fishy when they turned off my terminal…. Later in the day when [my] funds were frozen—that had never happened before. And then I knew that we were in trouble, because things were not happening in the way they were supposed to happen…. This was unprecedented.
Not only did she lose $100,000 of her own money, she lost her business as well, with three of her major European clients telling her that they never