Found!

MF Global’s $1.6B Traced

Though will be hard to recover funds.

The $1.6 billion that went missing from the brokerage firm MF Global last year was said to be located on Tuesday, though the investigator looking into the case said it would be difficult to return the money to the firm’s clients. A trustee told the Senate Banking Committee that the money that went mysteriously missing was traced, but it would be difficult to determine where the blame lays on how it was misappropriated and how to recover it. The financial disaster in 2011 sparked panic in European markets and led to great public shame for former New Jersey governor Jon Corzine. It was discovered that the firm tapped clients’ money for separate ventures without replacing it over time.