7 Shocking Chapters Exposing MF Global's Downfall And The Unsuspecting Victims

Chapter Two - The Accounting Scandal

Next came the revelation of an accounting scandal. MF Global was found to have engaged in "creative" accounting practices, obscuring the true extent of its losses. By manipulating its financial statements, the company presented a healthier financial picture to investors and regulators than what was true. This deception kept many in the dark about the precarious state of the firm, ultimately contributing to its downfall when the truth came out.