NEW YORK, June 4, 2012 /PRNewswire-USNewswire/ -- James W. Giddens, the Trustee for the liquidation of MF Global Inc., today filed a report on his independent investigation into the failure of the broker-dealer with the United States Bankruptcy Court for the Southern District of New York, the Honorable Martin Glenn, presiding. "As attempts were made to transform MF Global into a full-service global investment bank, management failed to add to its Treasury Department and technology infrastructure, which was needed to meet the demands on global money management and liquidity," Giddens said. "My investigation has concluded that management's actions, along with the lack of sufficient monitoring and systems, resulted in customer property being used during the liquidity crisis to fund the extraordinary liquidity drains elsewhere in the business, including margin calls on European sovereign debt positions." "In light of these conclusions, I have determined there may be valid claims against individuals and entities. In my capacity as Trustee, I will make every effort to ensure that such claims result in the greatest possible returns to customers in an efficient and fair manner, whether those claims are pursued by my office or others," Giddens said. The Trustee's findings in the report are based on his counsel's interviews of more than one hundred people, along with review of hundreds of thousands of documents, and an extensive forensic investigation conducted with the assistance of forensic accountants at Ernst & Young LLP. Because the Trustee does not have law enforcement or regulatory authority, the report draws no conclusions about possible criminal liability or whether sanctionable regulatory violations occurred. The Trustee has been cooperating with the various law enforcement and regulatory agencies investigating MF Global's collapse and does not wish to impede those efforts. CAUSES OF ACTION The Trustee has concluded that valid claims may be asserted against certain individuals and entities. He will use his efforts to pursue these claims, either through litigation or negotiation, or to support the pursuit of these claims by others to recover customer property in accordance with his goal to return as much customer property as possible. The Trustee expects, in light of progress in negotiations, further consultation with customer representatives, and legal analysis, to reach decisions about commencing most major litigation to recover customer property within 60 days.