The implication was that there was no meaningful shortfall in client funds.

言下之意是客户资金不存在真正意义上的亏空。

youdao

Investigators are reportedly searching for hundreds of millions of dollars in missing client funds.

据报道，调查员正在寻找几亿美元的失踪客户资金。

youdao

After Law Firm's services conclude, Law Firm will, upon Client's request, deliver Client's file, along with any Client funds or property in Law Firm's possession.

代理事务结束后，应委托人请求，律师事务所将其持有的委托人文件、结余资金或财产送还委托人。

youdao

Money managers clearly have a fiduciary duty to investigate before they invest client funds.

FORBES: Money Manager Use of Tainted Wall Street Research (Oct 1, 2002 )

So, if the fraud were undetectable, is the manager free of liability for the loss of client funds?

FORBES: Money Manager Use of Tainted Wall Street Research (Oct 1, 2002 )

And one would assume that any new owners would make very sure indeed about the segregation of client funds.

FORBES: Intrade Closes Its Doors: But Why? Is This Another MF Global?