Corzine Set to Reach a $5 Million CFTC Deal on MF Global
- Regulator accused Corzine of failing to supervise unit
- MF Global filed for bankruptcy in 2011 after wrongway bets
Jon Corzine.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Jon Corzine is close to reaching a tentative agreement to resolve a U.S. regulator’s allegations that he failed to properly oversee MF Global Holdings Ltd. as the brokerage unit spiraled toward failure almost five years ago, according to a person with knowledge of the matter.
Corzine, 69, who earlier served as New Jersey’s governor, a U.S. senator and the co-chairman of Goldman Sachs Group Inc., may pay $5 million out of his own pocket to settle the claims from the Commodity Futures Trading Commission, said the person, who asked not to be identified because the talks are private. The regulator is also seeking a lifetime ban from personally trading other people’s money in the futures industry.