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MF Global Executive Hit With Congressional Subpoena

MF Global
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MF Global

The Congressional committee investigating the collapse of MF Global and missing customer funds voted today to subpoena Edith O'Brien, the former assistant treasurer of the company.

O'Brien worked in the Chicago office of MF Global, which was responsible for ensuring the company properly handled customer accounts.

“After reviewing thousands of documents and interviewing former MF Global executives and regulators as part of our investigation, the Subcommittee has concluded that Ms. O’Brien has unique, personal knowledge regarding how and why customer funds went missing. We owe it to the thousands of customers of MF Global – the ranchers, farmers and investors who lost money – to get to the bottom of how this could have happened,” Rep Randy Neugebauer, the chairman of the Financial Service Subcommittee on Oversight and Investigations said in a statement.

The subpoeana directs O’Brien to testify before the Subcommittee on Wednesday, March 28 at 2 p.m. during a hearing to examine MF Global’s final week of operations before the firm filed for bankruptcy on Oct.31, 2011. O’Brien had previously been invited by the Subcommittee to testify voluntarily but declined.

O’Brien has refused to cooperate with federal authorities without a guarantee of immunity from criminal prosecution. She is considered a "person of interest" in the federal investigation. She has not been accused of wrong doing.

The March 28 hearing will be the Subcommittee’s third examining the downfall of MF Global.

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