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Thu Jun 27, 2013, 04:00 PM

CFTC Sues Jon Corzine Over MF Global Failure; Seeks to Ban Him From Futures Industry

Source: CNBC

U.S. regulators on Thursday settled charges against MF Global over the futures brokerage's collapse, and also charged former Chief Executive Jon Corzine and former Assistant Treasurer Edith O'Brien in connection with the alleged misuse of customer funds.

The Commodity Futures Trading Commission said MF Global had agreed to settle all charges against it, pay a $100 million penalty, and pay all the funds still owed to commodity customers.

MF Global collapsed in October 2011 under the weight of aggressive bets on sovereign debt, thin capital and questionable disclosures to investors. Customers were left reeling after it was revealed that more than $1 billion of their money could not immediately be found.

Corzine, a former co-chairman of Goldman Sachs and New Jersey governor, was charged with violating his legal obligations to diligently supervise. He was also charged with not acting in good faith as a "control person" at the firm.

Read more: http://www.cnbc.com/id/100803569

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Reply CFTC Sues Jon Corzine Over MF Global Failure; Seeks to Ban Him From Futures Industry (Original post)
Jesus Malverde Jun 2013 OP
PoliticAverse Jun 2013 #1
PoliticAverse Jun 2013 #2
PoliticAverse Jun 2013 #3
DeSwiss Jun 2013 #4

Response to Jesus Malverde (Original post)

Thu Jun 27, 2013, 04:05 PM

1. Corzine, the guy who might have been Treasury Secretary. n/t

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Response to Jesus Malverde (Original post)

Thu Jun 27, 2013, 04:21 PM

2. Here's the complete CFTF compaint...

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Response to Jesus Malverde (Original post)

Sat Jun 29, 2013, 12:08 AM

4. I'm sure Bob The Angry Flower.........

 

... will be so pleased to hear that there's no jail time involved.

- K&R

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