Mark Fisher Accused By CFTC Of Pulling An MF Global, Depositing Customer Funds Into Non-Segregated Account

Tyler Durden's picture

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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Comay Mierda's picture

there is never just one cockroach

Popo's picture

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.

trav7777's picture

lemme guess...THEY ALL DO IT

Rahm's picture

There running a Corzine scheme!

The Big Ching-aso's picture

 

 

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.

TruthInSunshine's picture

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.

Cognitive Dissonance's picture

Burn the truth (in sunshine) speaker at the stake.

/sarc

TruthInSunshine's picture

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.

Cognitive Dissonance's picture

If at first you don't succeed, try try again.

GeneMarchbanks's picture

Not all are the chosen ones. Systematic fraud isn't really fraud. Read Gustave Le Bon's works.

Dermasolarapaterraphatrima's picture

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! 

Vincent Vega's picture

Let's not be hasty with criticism of the SEC. Afterall, they did pop that villainous Martha Stewart.

vh070's picture

Oh, but you're killing me!

Freebird's picture

Looks like a crook too

Zero Govt's picture

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

Tuffmug's picture

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.

Id fight Gandhi's picture

It ain't right nor sounds like it by the way it's going. But this guy I'm sad to hear about.

French Frog's picture

His cnbc contributor's slot has been corzined

Divided States of America's picture

Yup, hes a scapegoat with the likes of Martha Stewart and a few indian dudes from God's Sanctuary.

Quinvarius's picture

"there is never just one cockroach"

Yet the CFTC can always eat just one.

DoChenRollingBearing's picture

Imprisonment for them all, bitchez!

scatterbrains's picture

How much deliverable gold receipts will be vaporized as a result of this ?

 

MachoMan's picture

At least we know the derivative exposure will be paid out of client funds...

Seasmoke's picture

only $30-90 million......he is in big trouble if that is all he was able to vaporize

icanhasbailout's picture

that's just the queue, not the total... how often was this account plundered is an open question

a growing concern's picture

I know!  Alright, Mark, we'll call you when we think you're ready to come sit at the big boys' table.  Millions... Please.

Chupacabra-322's picture

Monkey see, monkey do. 

Conrad Murray's picture

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.

SheepDog-One's picture

Theres financial racketeering collusion all over the hedge funds and their media partners in crime, enough to keep the FBI busy for a decade!

sessinpo's picture

I suggest the FBI look for companies that haven't broken the law. The list would fit on one hand probably.

GeneMarchbanks's picture

Double dippin' Mark, Bitchez!

SheepDog-One's picture

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. 

a growing concern's picture

Mother Bitchin' Fuckin' Clearing

Everybodys All American's picture

Quick grab the trader's gold.

Mongo's picture

Remain flexible and innovative.

 

Indeed

SheepDog-One's picture

Flexible? More like needing to be in a gaseous state.

sampo's picture

Jonnie for Treasury Secretary!

SheepDog-One's picture

CNBC all worried about a 'commodity bubble' but never worried about an equity bubble 1 time ever.

UP Forester's picture

They should be more worried about their "comedy bubble."

I think it pops when everyone is laughing on the shows, and no one else....

Hoody Who's picture

Well now, I see,

Fitch upgrades Greece to 'B-' from 'restricted default' - @reuters
AbruptlyKawaii's picture

in 4 days.....stable outlook

scatterbrains's picture

Wake me up when National Financial Services  is busted via their re-re-re-hypothocation  activities.

Byte Me's picture

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.