Skip to comments.Corzine, O'Brien Charged in MF Global Collapse
Posted on 06/28/2013 9:04:12 AM PDT by lbryce
Federal regulators on Thursday filed civil charges against former MF Global Holdings Ltd. Chief Executive Jon S. Corzine and a top lieutenant for overseeing the misuse of almost $1 billion in customer funds, saying Mr. Corzine "bears responsibility" for the New York commodities brokerage's 2011 demise.
The Commodity Futures Trading Commission's complaint cited conversations not previously disclosed purportedly showing Mr. Corzine played a more active role in the firm's activities than he had suggested in the past.
The lawsuit, filed in U.S. District Court in Manhattan, comes as a new blow for Mr. Corzine, whose reputationbuilt on a career as a top executive at Goldman Sachs Group Inc., New Jersey governor and U.S. senatorhas been tarnished in the past two years. Mr. Corzine, 66 years old, has been grilled by Congress in several high-profile hearings and is the focus of several civil lawsuits related to his oversight of the company.
The agency also charged a former executive at the firm, Edith O'Brien, with misusing customer funds, saying she aided and abetted the violations. The agency is seeking monetary penalties from Mr. Corzine and Ms. O'Brien and to ban the two from ever again trading commodities on Wall Street.
The CFTC's 47-page complaint depicts Mr. Corzine as instrumental in making decisions that put customer accounts at risk by allegedly moving money in violation of strict rules prohibiting such transfers.
(Excerpt) Read more at online.wsj.com ...
Haven't heard from Mr. Corzine for quite some time, I was beginning to think he was all forgotten about, had some sort of special immunity being a friend of Barry's.
Maybe he’ll “Marc Rich” it and flee to Switzerland...then be pardoned by Obozo and hailed as a libtard hero....
Bears responsibility? Bears? Bares? I can’t bear it or I can’t bare it? Bear arms or bare arms. I get so confused.
Oh...I get it. If any Little Person sticks up a liquor store and gets $200, he’s a criminal, is charge with a CRIME, and goes to jail. If you are a Wall St. crook, makes off with over a billion dollars of Other People’s Money, you are charged with a civil case, and pay a fine with the ill-gotten-gains in your fat bank account, and your high-dollar lawyer keeps you out of jail.
That statue of Lady Justice should take off her blindfold and smell the coffee. Justice is dead in this country when Paula Deen is more reviled for saying the n-word thirty years ago than John Corzine is for stealing a billion dollars from his friends.
Civil, not criminal. Ho hum. Small fine (relatively), pro’ly run for office again.
Yeah. I posted an article yesterday about Jon Corzine’s civil suit in his responsibility for the fall of MF Global saying that being it was only a civil suit, the absence of any criminal charges against Mr. Corzine seemed to indicate he was getting away with the severe criminal charges he committed. This article doesn’t make clear that it is only a civil suit until later in the story.
Birds of a feather flock together!
Why not CRIMINAL charges? This POS Obama administration proves once again they are the most corrupt administration to ever occupy Washington DC.
Or, could Corzine’s criminal activity be the fault of bare bears?
Go to prison, Corzine.
yea and?....................... jail time? yeah right! connected rats and blacks get a “stay out of jail free” card
Notice its a civil charge and not a criminal one.
So no crime was committed?