A US regulator has formally cited and fined MF Global, a New York-listed futures broker spun off this year by UK company Man Group, for concealing losses at a client's hedge fund, bringing the company's total legal bill for the case to $77m (€52.4m).

The Commodities Futures Trading Commission concluded that MF Global, through senior vice-president Thomas Gilmartin, had helped hedge fund manager Paul Eustace hide $133m worth of losses at the Philadelphia Alternative Asset Fund, which had a trading account with MF Global.