Minnesota Sen. Amy Klobuchar and North Dakota Sens. Kent Conrad and John Hoeven are urging federal officials to investigate the MF Global bankruptcy.
A total of 16 senators signed a bipartisan letter Tuesday to U.S. Attorney General Eric Holder requesting that the Department of Justice investigate if MF Global executives made illegal transactions using customer funds.
The letter also urges the department to seek criminal prosecution if the investigation finds illegal activity.
Up to $1.2 billion in customer funds have disappeared since the major financial derivatives broker headquartered in New York City declared bankruptcy Oct. 31.
More than 100 Minnesota farmers and businesses are estimated to have critical accounts with MF Global and have been unable to access their funds since the company filed for bankruptcy.
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In the letter, the senators said criminal cases involving financial transactions can be difficult to prove beyond a reasonable doubt. But they urged Holder and federal agents to use "every legal resource available" in the investigation.
"We believe that justice must be brought to this issue to send a message to Wall Street that the trust individual investors place in these firms must always be returned with lawful, conscientious, and honest management of client funds," they wrote.
