{"id":6034,"date":"2016-09-09T10:58:04","date_gmt":"2016-09-09T15:58:04","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1186"},"modified":"2022-05-17T14:14:22","modified_gmt":"2022-05-17T19:14:22","slug":"ex-mf-global-chief-jon-corzine-cftc-arrive-tentative-settlement","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-mf-global-chief-jon-corzine-cftc-arrive-tentative-settlement\/","title":{"rendered":"\u00a0Ex-MF Global Chief Jon Corzine and CFTC Arrive At Tentative Settlement"},"content":{"rendered":"<p>&nbsp;<\/p>\n<div class=\"WordSection1\">\n<div class=\"\">\n<div class=\"\"><\/div>\n<div class=\"\"><span class=\"\">According to the <em>New York Times<\/em>, Ex-MF Global Chairman and CEO Jon S. Corzine has reached a tentative agreement with the Commodity Futures Trading Commission in the regulator\u2019s civil case against him. The CFTC sued him 2013 after MF Global failed and the futures brokerage firm was accused of\u00a0misusing\u00a0$1B in customer funds.\u00a0<\/span><\/div>\n<div class=\"\">\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\"><span class=\"\">Corzine, 69, used to be the governor of New Jersey, a Democratic US Senator, and the co-chief of Goldman Sachs (GS). Although the settlement is not yet final, \u00a0sources tell the <em>NY Times<\/em>\u00a0that Corzine could be expected to pay up to $5M in penalties, which is a lot more than what the CFTC could win against him at trial. The regulator would like Corzine to pay the penalties out of his own fund and not use insurance money. He also would be expected to accept a lifelong ban from trading other people\u2019s funds in the futures industry.<\/span><\/div>\n<div class=\"\">\n<div class=\"\"><span class=\"\">\u00a0<\/span><\/div>\n<\/div>\n<div class=\"\"><span class=\"\">Corzine has not been charged with any criminal wrongdoing related to the MF Global financial debacle. Although the CFTC has not said that Corzine was directly connected to the misuse of funds at the brokerage firm, the regulator felt that he failed to \u201cdiligently supervise\u201d the firm as it placed clients\u2019accounts\u00a0 in peril.<\/span><\/div>\n<div class=\"\"><span class=\"\">MF Global went into a financial tailspin after Corzine made a $6.3B bet on European sovereign debt. Rather than restore the brokerage firm to profitability, the firm began to fail and the improper transfer of customer monies increased as executives sought to enhance liquidity. MF Global was eventually liquidated in bankruptcy.\u00a0<\/span><\/div>\n<\/div>\n<\/div>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/ex-mf-global-chief-jon-corzine-cftc-arrive-tentative-settlement\/#more-6034\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; According to the New York Times, Ex-MF Global Chairman and CEO Jon S. Corzine has reached a tentative agreement with the Commodity Futures Trading Commission in the regulator\u2019s civil case against him. The CFTC sued him 2013 after MF Global failed and the futures brokerage firm was accused of\u00a0misusing\u00a0$1B in customer funds.\u00a0 \u00a0 Corzine, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[4009],"tags":[3652],"class_list":["post-6034","post","type-post","status-publish","format-standard","hentry","category-mf-global","tag-john-corzine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00a0Ex-MF Global Chief Jon Corzine and CFTC Arrive At Tentative Settlement &#8212; Investor Lawyers Blog &#8212; September 9, 2016<\/title>\n<meta name=\"description\" content=\"&nbsp; According to the New York Times, Ex-MF Global Chairman and CEO Jon S. Corzine has reached a tentative agreement with the Commodity Futures Trading &#8212; September 9, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ex-mf-global-chief-jon-corzine-cftc-arrive-tentative-settlement\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"\u00a0Ex-MF Global Chief Jon Corzine and CFTC Arrive At Tentative Settlement &#8212; Investor Lawyers Blog &#8212; September 9, 2016\" \/>\n<meta name=\"twitter:description\" content=\"&nbsp; According to the New York Times, Ex-MF Global Chairman and CEO Jon S. Corzine has reached a tentative agreement with the Commodity Futures Trading &#8212; September 9, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u00a0Ex-MF Global Chief Jon Corzine and CFTC Arrive At Tentative Settlement &#8212; Investor Lawyers Blog &#8212; September 9, 2016","description":"&nbsp; According to the New York Times, Ex-MF Global Chairman and CEO Jon S. 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