CFTC goes after former MF Global CEO Jon Corzine
CFTC goes after former MF Global CEO Jon Corzine explained by professional Forex trading experts the “CFTC goes after former MF Global CEO Jon Corzine” FX trading team.
CFTC goes after former MF Global CEO Jon Corzine
The CFTC, in one of its strongest worded statements we’ve seen, has brought a civil action against former MF Global CEO Jon Corzine, as well as former Assistant Treasurer Edith O’Brien for the $1 billion in client funds which were missing when MF Global went bankrupt in October 2011. Before becoming MF Global CEO in 2010, Corzine served as both Governor and US Senator of New Jersey, as well as being a former CEO of Wall Street powerhouse Goldman Sachs.
The CFTC did not come out and say that Corzine knew what was being (wrongly) done with client funds. It did state however that “Turning a profit is not the only job of the [CEO]… the CEO must do what’s necessary to prevent unlawful uses of customer money…”
Although the CFTC was very specific in its description (see below) of what it believes Corzine did and knew (and what he also should have known), it remained very vague as to what exactly it wants from him. Often the CFTC states a specific number it is suing for. Here, the CFTC just stated that it seeks “full restitution and penalties against [MF Global], Corzine, and O’Brien, in addition to trading and registration bans and injunctions against Corzine and O’Brien”. The “full restitution” apparently means 100% repayment of the approximately $1 billion lost by MF Global customers — meaning that, if successful, the CFTC’s suit could in theory force Corzine to give up most if not all of his personal fortune, if the client monies aren’t found elsewhere.
CFTC goes after former MF Global CEO Jon Corzine Conclusion
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