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Corzine MF Global Case Finally Settled
Quote:After more than five years of investigations and negotiations, the curious case of MF Global is finally closed.

On Thursday, federal regulators announced a $5 million settlement with Jon S. Corzine, who ran MF Global when it collapsed into bankruptcy in 2011 and lost more than $1 billion in customer money. The settlement, reached unanimously at the Commodity Futures

Trading Commission
in the waning days of the Obama administration and approved by a federal judge this week, caps a long-running spectacle that derailed Mr. Corzine’s career and spurred a number of congressional, criminal and regulatory investigations.

The regulatory case arose in 2013, when the Commodity Futures Trading Commission sued Mr. Corzine, a Democratic former New Jersey senator and governor, saying he had failed to “diligently supervise” the firm as it jeopardized the clients’ accounts.

The agency did not directly link Mr. Corzine, 70, to the missing money, but it did accuse a lower-level employee in Chicago, Edith O’Brien, of “aiding and abetting” the misuse of customer money, saying she allowed it to be used to plug holes in MF Global’s own accounts.

Mr. Corzine must have had some reason to especially worry about the incoming administration, or found it better/easier to deal with the outgoing administration. The timing cannot be coincidental.


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