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Doubtful Signs of a Criminal Case Against MF Global

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Doubtful Signs of a Criminal Case Against MF Global

BY AZAM AHMED AND BEN PROTESS
Terrence A. Duffy is chairman of CME Group, MF Global's main regulator.Daniel Acker/Bloomberg NewsTerrence A. Duffy is chairman of CME Group, MF Global’s main regulator.

Federal authorities are struggling to find evidence to support a criminal case stemming from the collapse of MF Global, even after a federal grand jury in Chicago has issued subpoenas.

Investigators, unable to find a smoking gun amid thousands of e-mails and documents, increasingly suspect that chaos and poor risk control systems prompted the disappearance of more than $1 billion in customer money, according to several people involved in the case.

When the money first went missing, prosecutors in New York and Chicago scrambled to stake a claim. Now, four months later, both Preet S. Bharara, the United States attorney in Manhattan, and Patrick J. Fitzgerald, his counterpart in Chicago, are shying away from leading the case, one of those people involved in the case said.

Keep reading: Doubtful Signs of a Criminal Case Against MF Global – NYTimes.com.

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