7. Donna Dellosso
Managing Director at JPMorgan Chase & Co.
If there is a smoking gun in the MF Global saga, it may well be a series of emails that JPMorgan officials sent to MF Global executives regarding several large money transfers between MF Global accounts. Strapped for cash, MF Global apparently illegally transferred money from customer segregated accounts to cover shortages in other parts of the business.
Employees at JPMorgan, one of the brokerage’s primary bankers, asked MF Global to provide written assurances that the transfers in question did not involve customer segregated funds. One of those employees was Dellosso, who sent MF Global Assistant Treasurer Edith O’Brien a letter asking her to confirm that the transfer “represented [MF Global’s] actual interest in such funds” and was compliant with regulations. No MF Global employee ever signed the letter.