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 want to do business in the United States again because of MF Global.
Cathy Cuthbert was a homeschooling mom until her kids grew up and then she started trading her own commodity futures account through MF Global. She wrote:
I had a modest account that was supplying me with a modest livelihood, when suddenly one Monday afternoon [October 31] my account was frozen, my livelihood was essentially gone and four years’ worth of trading profits vanished into cyber space.
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