Zero Hedge puts forth a scenario to make the case that what MF Global did was a premeditated theft.

And MF Global's bankruptcy, by dint of being a derivatives broker, and the resulting massive losses to both shareholders and clients, means that some entity, on the other side of all these failed bets, made off like a bandit.

http://www.zerohedge.com/news/was-collapse-mf-global-premeditated-conspiracy-theory

I have my own theory on the collapse of MF and why it was premeditated. Perhaps by putting doubt into the minds of futures traders about their so called segregated client accounts the buyers of these contracts would stay away . When the buyers go to the sideline it is much easier for the shorts to win the day. Comex is selling paper and at the moment no one wants any of their paper.