Skip to main content
Updated:
Original:

Broker's collapse hits rural Minnesota's grain industry

Trading services firm MF Global collapsed at the end of October after a disastrous bet on European debt. While few people in Minnesota did business directly with the broker, many of the state's farmers, co-ops and grain elevators are finding their accounts frozen and their money at risk.
Author:

Trading services firm MF Global collapsed at the end of October after a disastrous bet on European debt. While few people in Minnesota did business directly with the broker, many of the state's farmers, co-ops and grain elevators are finding their accounts frozen and their money at risk.

Next Up

Mike Zimmer

Vikings fans clamor for change after latest bad loss under Mike Zimmer

The "fire Mike Zimmer" tweets are raging on Twitter again.

Tony Oliva

Tony Oliva and Jim Kaat are finally heading to Cooperstown

The Twins legends were elected to Baseball's Hall of Fame on Sunday night.

Tanner Morgan

Report: Gophers to play in Guaranteed Rate Bowl

The Gophers will reportedly head to Phoenix to take on West Virginia.

Adam Thielen

Winless Lions beat Vikings on final play of game

Adam Thielen also left early with an ankle injury

Payton Willis / Gopher Basketball

Gophers improve to 7-0 on Willis' late 3-pointer

The Gophers earned back-to-back road victories for the first time since January 2017.

Flickr - police lights squad siren - Edward Kimmel

Woman in critical condition after being shot in the head in St. Paul

Officers responded to the incident at around 2:45 a.m. Saturday.

Alexander Mattison

Vikings-Lions: 5 things you can count on

It's a great time for the Vikings to play the Lions.

covid

Omicron variant confirmed in Wisconsin man who traveled to South Africa

Five other cases have been confirmed and linked to a Wisconsin wedding.

Sharon Mollerus - duluth - snow plow car

Sunday snowstorm walloping MN's North Shore with huge totals

Just ridiculous snow totals expected the rest of Sunday.

Screen Shot 2021-12-05 at 6.49.03 AM

Saturday snow causes havoc on Twin Cities roads

There were countless spinouts and crashes across Minnesota.

Related

Minnesota farmers, ag businesses brace for losses after commodities trader collapses

Regulators say about $1.2 billion is missing from customers' accounts following the collapse of MF Global. Minnesota farmers, ranchers, feed mills and grain elevators are among those customers. Now they're waiting to find out just how much they might be missing.

MF Global collapse felt by Minnesota farmers

MF Global is being investigated over what federal regulators say is an estimated $1.2 billion that may be missing from customer accounts.

Farmer narrowly escapes collapsing silo

A thunderstorm collapsed a silo and barn near Colby Thursday, and a farmer working inside was able to slip out with his life, the Marshfield News Herald reports. About 20 dairy cows were trapped in the rubble. The National Weather Service says 70- to 80-mph winds likely did in the structure.

Klobuchar joins bipartisan group requesting Justice Department investigate MF Global collapse

U.S. Sen. Amy Klobuchar and 16 other senators have mailed a letter to the U.S. attorney general urging an investigation into and possibly the criminal prosecution of MF Global executives, who may have made illegal transactions using customer funds. Many of Minnesota's farmers and agricultural businesses have been missing money since the commodities trader collapsed.

MF Global owes farmers at least $100 million

Reuters reports the Chicago Mercantile Exchange has set up a $100 million fund to help farmers and ranchers who lost money after the collapse of commodities trading firm MF Global. Many farmers and agricultural businesses in Minnesota saw their accounts frozen after the firm suddenly went belly-up.

Ameriprise broker facing claims of insider-trading

Bloomberg reports Timothy McGee, an investment advisor for the Minneapolis-based company in Philadelphia, allegedly used confident information received from an Alcoholics Anonymous meeting to profit from a merger in 2008. McGee and eight others made about $1.8 million before Philadelphia Consolidated Holding Corp. announced it would be acquired by Tokio Marine Holding Inc.

Minnesota farmer feels 'betrayed' by MF Global

Dean Tofteland blasted the now-defunct commodities firm MF Global in front of a Senate Ag committee Tuesday morning. The Star Tribune reports that the Luverne farmer didn't mince words when it came to how he felt about having more than $250,000 of his money frozen. More than $1 billion of MF Global's assets are unaccounted for.