Is Jon Corzine having a Bernie Madoff moment? By definition in the Madoff Ponzi scheme, he used one client’s money to pay off another client. Madoff commingled or pooled assets to pay redemptions. He admitted to fraud, along with 10 other federal felonies. While neither Corzine nor any other MF Global executive has been charged with any criminal wrongdoing at this point, Terry Duffy, head of CME Group, said during his congressional testimony: “The fact is that MF Global broke rules by moving customer-segregated funds out of an account over which it had control.” Read New York Post report here.
