Just in case you thought the Rule of Law applied, think again.

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

The hurdles to building a criminal case were always high with MF Global, which filed for bankruptcy in October after a huge bet on European debt unnerved the market. But a lack of charges in the largest Wall Street blowup since 2008 is likely to fuel frustration with the government’s struggle to charge financial executives. Just a few individuals — none of them top Wall Street players — have been prosecuted for the risky acts that led to recent failures and billions of dollars in losses.

Yet, in California, following the three strikes law, someone who is starving, steals a bit of food…life imprisonment.

Now I’m not advocating anything except justice, which is a tricky one, but so tricky that stealing a $1 billion dollars of investor money cannot actually be identified as theft? Now this chap wants to open a “Hedge Fund.”