Feds Sue Former NJ Gov. Corzine Over Failure of MF Global

Thursday, 27 Jun 2013 03:04 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — Federal regulators are accusing former New Jersey Governor Jon Corzine of failing to properly manage MF Global, which misused customer funds before its 2011 collapse.

A civil lawsuit by the Commodity Futures Trading Commission seeks to ban Corzine from trading in the futures market and demands he pay unspecified penalties. The regulator also filed civil charges against Edith O'Brien, the firm's former assistant treasurer.

About $1.2 billion in customer funds disappeared. Most of the money has been returned. MF Global has also agreed to pay a $100 million penalty as part of a settlement.

Corzine has disputed the allegations by the CFTC, which regulated MF Global.

New York-based MF Global sought bankruptcy protection after a disastrous bet on European countries' debt. Its $41 billion bankruptcy was eighth-largest in U.S. history.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rutgers Professor: Guest Workers Are Stealing High-Tech Jobs

Tuesday, 16 Sep 2014 06:51 AM

Will borrowed workers make up the workforce of the future in the United States? One sociologist and professor is suggest . . .

Northern California Wildfire Burns 100 Homes

Monday, 15 Sep 2014 22:38 PM

A fire driven by fierce winds raced through the small town of Weed, Calif., near the Oregon border on Monday, burning a  . . .

Senate Holds Hearing on DC Statehood

Monday, 15 Sep 2014 21:06 PM

In a renewed push to grant statehood to Washington, D.C., a federal hearing was held Monday for what some hope is the st . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved