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Mark Fisher Accused By CFTC Of Pulling An MF Global, Depositing Customer Funds Into Non-Segregated Account
Mark Fisher is a staple contributor on CNBC. Or at least was. According to various headlines flashing across both Bloomberg and Reuters, it seems that his MBF Clearing Corp is the first victim of the CFTC expanding its MF Global inquiry, and Fisher's MBF Clearing Corp of performing just the same "vaporization" activity that MF Global engaged in and that boggle regulators' minds.
- MBF CLEARING CORP SUED BY CFTC FOR FAILIING TO SEGREGATE FUNDS
- CFTC ACCUSES MBF OF DEPOSITING CUSTOMER FUNDS INTO A NON-SEGREGATED ACCOUNT THAT ROUTINELY HELD BETWEEN $30-90 MLN
- CFTC ALLEGES CUSTOMER ACCOUNTS WEREN'T PROPERLY SEGREGATED
Oops.
In other news, JPM and Jon Corzine are both completely innocent of anything. But at least the CFTC can say it has done its duty of punishing transgressors and all is now well.
Here is Mark in a recent CNBC appearance:
From MBF's About Us page:
Founded in 1987, MBF Clearing Corp. is widely-recognized for our preeminent role within the global futures markets, and for being one of the Industry’s leading futures commission merchant (FCM). Our status in 2012 has changed from Clearing to Non Clearing FCM with a clearing relationship with FC Stone.
Our presence extends across all major exchange-traded futures markets, including energy, metals, soft commodities, currencies, interest rates, and equity-related indexes.
MBF provides the gateway to a wide menu of major market centers, and we play an integral role supporting the industry’s most demanding exchange-based traders, premiere hedge fund managers, financial institutions, and a select group of highly-sophisticated retail customers.
Each day, MBF customers rely on us for:
- Seamlessly facilitating round-the-clock, direct access to all major futures markets.
- Providing the utmost in personal service - on a 24/7 basis.
- Delivering the industry’s most robust trading system[s], trade administration, and risk-management technologies.
- Access to The Logical Trader’s ACD Method**; a proprietary toolset approach to trading virtually any market. ACD methodologies are employed by a wide array of professional traders that depend on ACD Daily inputs to enhance their trading profitability with low-risk, high probability strategies.
Our Background
MBF Clearing Corp. founders and senior executives include the futures industry’s leading traders and operations executives. We have a broad understanding of commodities market dynamics, direct insight to the professional trader “mindset”, and a deep appreciation for the resources that are essential to supporting our highly-demanding customer base.
MBF’s business model is based on a fundamental approach to success:
- World-class operations infrastructure staffed by a team of experts in each department, and complemented by strategic alliances with leading industry vendors.
- Unrivaled dedication to delivering integrity-rich and highly personalized concierge-level service.
- Broad knowledge and on-going commitment to best-in-class risk management and trading system technologies.
- Remain flexible and innovative.
Our Clients
MBF Clearing Corp. is particularly well-known for supporting a significant number of professional floor traders, “upstairs” fund managers, and boutique trading firms, including The Fisher Proprietary Trading Group, an elite team of 75+ traders and quantitative analysts that are renowned for their prowess and their disciplined incorporation of the ACD Methodology, a quantitative approach to trading a wide variety of liquid markets.
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there is never just one cockroach
wow. interesting.. vix @ 15 . http://hedge.ly/xVS8TZ
Amazing that they go after the 30 million dollar offense, but the offense that is multiples of that goes unprosecuted.
Fuck the SEC.
*They* are the ones that are clearly guilty and need to be arrested and charged with gross negligence and conspiracy to commit fraud.
lemme guess...THEY ALL DO IT
There running a Corzine scheme!
They need to find another Indian or ethnic dark-tone to throw in the slammer as an example to the other cocksuckers still running free.
All I know is it's important for everyone to band together and support the:
#KeepJonCorzineFree&LivingLargeInnocenceProject
Wait, I also know that without the seasonal adjustment alchemy that the BLS/Fed have engaged in when it comes to Non-Farm Payroll data, 1.8 million jobs have already been NET lost in just the first 2 months of 2012. But you won't hear that from the Main & Quite Lame Ass Stream Media in this new Fellini-esque Matrix of a world we now live in, bitchez.
Burn the truth (in sunshine) speaker at the stake.
/sarc
We should have Fractional Reserve Bankster Trials. If the Bernank refuses to sink to the bottom of a deep water marsh & drown after being weighed down with many pounds of silver & gold he must be a witch/alchemist, but if he does sink & drown...oops, our bad.
If at first you don't succeed, try try again.
Not all are the chosen ones. Systematic fraud isn't really fraud. Read Gustave Le Bon's works.
How vulgar! Since when do the Hoi Poloi question our embezzling activites....it's getting so an upstanding member of the upper class can't steal (as much) anymore!
What's this world coming to!
Let's not be hasty with criticism of the SEC. Afterall, they did pop that villainous Martha Stewart.
Oh, but you're killing me!
Looks like a crook too
you can bascially assume if the CFTC is prosecuting someone they (ie. The Parasite Club) want the competition out of the market place
..and if they aren't prosecuting somone (ie. MF'ing Global) the usual protection racket for Club Parasite members is in play
Mark Fischer: clean as a whistle
+1000
No money was "vaporized". They just kept it in wrong account with JP Morgan from 2006 to 2010. JP Morgan probably turned them in to SEC cause Morgan were pissed that they weren't able to steal it.
It ain't right nor sounds like it by the way it's going. But this guy I'm sad to hear about.
His cnbc contributor's slot has been corzined
Where's the BOTD link?
Yup, hes a scapegoat with the likes of Martha Stewart and a few indian dudes from God's Sanctuary.
"there is never just one cockroach"
Yet the CFTC can always eat just one.
Imprisonment for them all, bitchez!
vaporized, bitchez!
How much deliverable gold receipts will be vaporized as a result of this ?
At least we know the derivative exposure will be paid out of client funds...
only $30-90 million......he is in big trouble if that is all he was able to vaporize
that's just the queue, not the total... how often was this account plundered is an open question
I know! Alright, Mark, we'll call you when we think you're ready to come sit at the big boys' table. Millions... Please.
Really. What a fucking amateur.
Monkey see, monkey do.
d'oh!
These crooks are far too buddy buddy with the CNBS asshats. There has to be potential for a conspiracy charge or something. RICO the whole rotten system and hang them all.
Theres financial racketeering collusion all over the hedge funds and their media partners in crime, enough to keep the FBI busy for a decade!
I suggest the FBI look for companies that haven't broken the law. The list would fit on one hand probably.
Double dippin' Mark, Bitchez!
Ah! The REAL 'new normal'...you just watch calm as a Hindu cow while your 401K rises with magically levitating markets, and dont be surprised one morning when your account reads -0- after some manager pulled an MF Global on your ass.
Mother Bitchin' Fuckin' Clearing
Mega--Butt--Fk Clearing
Quick grab the trader's gold.
Indeed
Flexible? More like needing to be in a gaseous state.
Jonnie for Treasury Secretary!
CNBC all worried about a 'commodity bubble' but never worried about an equity bubble 1 time ever.
They should be more worried about their "comedy bubble."
I think it pops when everyone is laughing on the shows, and no one else....
Well now, I see,
Fitch upgrades Greece to 'B-' from 'restricted default' - @reutersin 4 days.....stable outlook
Wake me up when National Financial Services is busted via their re-re-re-hypothocation activities.
Fifty??
Relax folks. If he looks like that at 50, whatever he's stolen/liberated/appropriated -- he won't have much time to spend.
That lardass needs a doctor, soonest.
Time to load up on some TZA, SCO and short some SSO, SPY, USO.
or some SRTY wtih R2K seemingly not feelin the luv so much lately.
Where are the links?
For his own sake, he better be a huge democrat party supporter.
Maybe he can call up Corzine for suggestions on how to snake his way out of the inconvenient mess he is in.
Dial 1-800-TENEO4U ext LFREEH
HEY folks! Only 9 or 10 trading days like today 'till all-time bubble top market highs are busted thru! Can ya believe it!
oct 07 14.1k dow here we come we we weeeeeeeeeeeeeeeeeeeee
Where is Jon Corzine hiding today?
Probably in his French chateau drinking a $137,000 bottle of wine.
I thought that was some nub trader in england?
Fisher better not be a goy, or he'll pay big time instead of becoming France's next president like DSK, or getting his own TV show like Spitzer and Weiner.
MBF...MF...close enough for Chiltonian horseshoes.
http://tradewithdave.com/?p=9528
LOL! NASDAQ at levels not seen since 2000.
P.O.O.F. = People's Own Outsourced Financials = Vaporized = Gone...
Ya don't say! How could such an angel face be accused of such a thing! Imagine how obese he would be if not for the cocaine - which today at wall & broad is extra pure. Must of been goldman's turn.
I smell a rat-whore....Oh, hi Jamie & Blythe...
Apparently, there are only two types of commodity accounts these days: insiders' and non-insiders'.
The latter becoming increasingly rare.
US Court case.. Crooks vs Crook... Or Bribed vs Bribing.
Good thing we bailed this system out.
He must not have been paying off the right people. That and he didn't raise 1/2 a billion dollars for Obummer.
The word was that Jefferies was going to be next with the seg funds stealing.
I think they are all in a race to steal as much as they can.
And in other news..
Barclays, RBS Offer to Buy MF Global Customers' Claims
Well isn't that a pleasent gesture from Barclays, RBS. Wouldn't have anything to do with wanting the legal angle under the Bankruptcy process is it?
/s
Fucking rat's know the game, that is for sure. I guess they should, they invented the rules to rape and steal.
MFG
MBF
What next ...
JPM
Fuckin hell Barrack you spooky my theory!
MBF probably donated to Mitt's campaign, thus the investigation.
CNBC had 2 mis-appropriators of funds and 1 ponzi schemer as regular guests... maybe the investigators should just watch more cnbc for leads.
vaporization will continue untill morale improves
Then it is going to continue because morale is getting much worse. I have finally started to hear it on the street in my circle's.
Not good.
CFTC can investigate and sue Fisher lickety split, but have been investigating obvious silver price manipulation for 3 years and produced nothing?
This will be a Soviet show trial.
Spooky! Spoilt. Actually I quite like spooky.
Perpwalk this fucker now....in a bright orange jumpsuit with Becky Quick throwing a mic in his face for comment.
Oh I fogot....she's giving Warren Buffet a reach around.
I remember watching some videos of him at a trading seminar saying " I am the greediest person I know" , or something very similar. Can't seem to find it. The links are dead that I had. It was nymex 2003 with Tudor Jones and T B Pickens. Would love to see them again. Anybody?
ACD Methodology - Analogous Corzine Directive
hey, I remember that guy...that will teach him to be extremely critical of the big banks and FED during their time of need.lol
LOL- as someone who knows Mark Fisher pretty well, why isn't this a surprise? Hmm......
This is quite a shock because unlike Corzine, Mark is a very smart guy. Too smart in fact to get caught so easily, especially by the low IQers at CFTC and SEC. He's either being railroaded and used as a smoke screen or he's innocent.
Have the CFTC settled the Mo Fu Global problem yet? Vaporization excuse only get's them so far before the peasants bring out the Pitchforks.
NYTimes carried a Joe Nocera article, today, decrying the lack of prosecution in the MF Global matter. However, in the detailed part of the article, federal authorities continue to describe the matter in terms such as "we are unable to find a smoking gun".
http://www.nytimes.com/2012/03/13/opinion/nocera-is-mf-global-getting-a-...
Excerpt:
In fact, they continued, “a number of federal prosecutors have expressed doubts” that MF Global “intentionally misused customer money.” Apparently, the current theory is that it was all just a big accident, the chaos of those final days causing the firm’s executives to tap into customer funds without realizing it.
-------------
This is insane. MF Global appropriated nearly 20% of the segregated funds they had on hand. It simply cannot happen that they walk away.
Clearly, we need closer regulation, and from a larger perspective we need to calm/slow down the feeding frenzy that WallSt has become. Here, I'm going to get partisan because I have to, to tell the truth. The Obama administration has (rightly) taken a big hit over the MFGLobal matter, because 1) it happened under Obama's watch and 2) Corzine is a big Democrat. But it also needs to be kept in mind that it's the GOP who's led the charge on deregulating WallSt.
Senate vote tally on Gramm-Leech-Bliley, repealing Glass-Steagall: 54 yes (53 Republicans, 1 Democrat); 44 no (all Democrat)
House vote on Dodd-Frank (weak piece of shit, but it was all we could get - GOP in Senate fillibustered anything stronger): 229 yes (226 Democrats, 3 Republicans); 198 against (all Republicans)
Good comment from the NYTimes article. IMO, sure we need to change the laws, but at the same time, if a prosecution isn't brought, we definitely should prosecute Holder. No case at all - are you shitting me?! There are all manner of weak criminal and civil cases brought in this country.
The problem is not a failure to prosecute. it is in our laws that make it virtually impossible to get a conviction. Prosecutors must prove intent, so the alleged perpertators and their whole industry develops codes so that it cannot be proven what was meant or who was responsible for the deed.
The playing field is rigged in favor of the financial players. They already have more and better-paid lawyers, but they also have the way the laws are written (often with their influence).
The solution is not to blame Holder or anyone else responsible for enforcing the rules and laws. Even if they had been bringing many prosecutions, they would have had few successes; the system has been set up, whether intentionally or not, to fail. The solution is to rework our laws so that convictions cannot be evaded or delayed or avoided by plea bargains whose terms remain secret and whose payments can be written off as a cost of business. How can we do this while respecting the rights of both corporations and individuals? That is a very good question, but we dont have good answers.
There is no appetite in the current Congress for that solution and much of the Executive branch would work to sabotage it if it were adopted. It will be a long slog.
Note to self: before I rob investors out of billions of dollars, make a huge donantion to my politican of choice.....hell, just give cash to all of them. It's bipartisan, after all!
This will all end one day, boys. But not by the rule or law; but by the rule of street justice, which really in the end, IS the true rul of law....the one which has decided what lives and what dies in evolutions' 5 billion+ years of existence.
http://www.youtube.com/watch?v=013gL5AMZbE
When? You can see it (people fighting back) in Syria, Greece, England, etc.. But not in the US.
In other words, why let Goldman, Morgan, and JPM front run our clients when we can do it ourselves, using their money. What a beautiful scam.
SEC modus operandi is to execute every 50th pickpocket and let the connected mass murderers go free. World-class regulation. Third World, that is...
these are blantant violations of the very basis of custodianship. if there was one rule that
you couldn't break, this would be it. Lawsuits? These guys should lose their license today.
and we should disband the SEC, CFTC. or make a huge number heads roll and sort them out.
http://jessescrossroadscafe.blogspot.com/2012/03/mbf-clearing-sued-by-cf...