http://jessescrossroadscafe.blogspot.com/2011/12/cftc-issues-clear-statement-mf-global.html

Jill Sommers testifying on behalf of the CFTC:

While an FCM is permitted to invest customer funds, it is important to note that if an FCM does so, the value of the customer segregated account must remain intact at all times. In other words, when an FCM invests customer funds, that actual investment, or collateral equal in value to the investment, must remain in the customer segregated account at all times. If customer funds are transferred out of the segregated account to be invested by the FCM, the FCM must make a simultaneous transfer of assets into the segregated account. An FCM cannot take money out of a segregated account, invest it, and then return the money to the segregated account at some later time."

And after Sarbanes-Oxley making the CEO and CFO personally responsible for their firm's finances, I see no excuse for Mr. Corzine not to end up behind bars.