The Justice Department will not charge former New Jersey Gov. Jon Corzine with criminal wrongdoing over MF Global's improper handling of customers' funds ahead of the company's collapse in late 2011, reports the New York Post
"After 18 months of investigation, the criminal probe into Jon Corzine is now being dropped," a source with knowledge of the case told the newspaper. Corzine was chairman and CEO of the commodities brokerage firm from March 2010 to November 2011.
MF Global filed for bankruptcy protection in October 2011 after losing $1.6 billion of customer money
Investigators reportedly last interviewed Corzine in September 2012, according to the Post.
The Commodities Futures Trading Commission filed a civil suit last month against Corzine in connection with the tapping of the funds, which were allegedly improperly joined with the firm's house money in its final days
The regulator also charged Edith O'Brien, MF Global's former assistant treasurer, for carrying out the transfers in a bid to keep the company solvent.
Both Corzine and O'Brien have denied the allegations.
Corzine, a Democrat, was a senator from New Jersey from 2001 to 2006 and served as governor of the Garden State from 2006 to 2010. He was CEO of Goldman Sachs during the 1990s.
© 2013 Newsmax. All rights reserved.