Holy S**t!

Before there was MF Global, there was Refco, which has entered the history books as a predecessor to MFG and another firm that made off with customer money.  You can follow Refco's demise here.  

Amazingly, a former insider at Refco, John Roe, has taken it upon himself to kill MFG. He has co-founded a nonprofit which is contacting the courts, the regulators and anyone else that Roe thinks may have influence.  Supposedly, the non-profit is "advocating in the courts and public arena on behalf of over 8,000 customers of MF Global". Roe has written that with MFG there was  “intent to commit an actual fraud…”

What Roe's role at Refco was I know not.  He does claim to know the accounting technology used at Refco to bilk its customers.  I assume that Roe feels he was not one of the bilkers.