The firm filed for bankruptcy in late October, which triggered an army of lawyers, regulators and members of the Justice Department to descend on the firm, all of them trying to seize control of their portion of the puzzle, The New York Times reported Thursday.
A major focus of the investigation is an unexplained gap of $600 million. That may be harder to explain as time goes by, said Commodity Futures Trading Commission member Bart Chilton.
"The lost money is sort of like a lost child. Every day that passes is more and more concerning, and there's less and less hope," he said.
At a court hearing Wednesday in New York, Judge Martin Glenn asked James Kobak, a lawyer for the trustee assigned with the task of returning money to MF Global clients, if he knew if the firm's capital and the customers' accounts had been thrown in together – a serious breach of financial law.
"I don't think anyone knows the answer," Kobak told the judge.