Corzine Agrees to Futures Industry Ban in CFTC Settlement
- Former chief of MF Global to pay $5 million in penalty
- Firm misused almost $1 billion in customer funds in 2011
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Jon Corzine has agreed to a lifetime ban from the futures industry to settle a U.S. lawsuit that he failed to properly oversee MF Global Holdings Ltd. as the brokerage spiraled toward failure in 2011.
Corzine, an ex-governor and U.S. senator from New Jersey and the former co-chairman of Goldman Sachs Group Inc., also agreed to pay a $5 million penalty from his own pocket to the Commodity Futures Trading Commission, under a consent order approved by a federal judge in New York Thursday. The agency had been seeking the industry ban since at least October.