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Jon Corzine to pay $5 million fine over MF Global collapse

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Jon Corzine to pay $5 million fine over MF Global collapse

Jon Corzine to pay $5 million fine over MF Global collapse*/

– Former Goldman Sachs CEO and New Jersey Governor Jon Corzine has agreed to pay $5 million to the Commodity Futures Trading Commission to settle a lawsuit over the 2011 collapse of his hedge fund, MF Global.That’s according to Reuters, which reports that Corzine has also agreed to never again register with the CFTC.Corzine was the CEO of Goldman Sachs from 1994-1999.
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Jon Corzine ordered to pay $5 million penalty in MF Global case

Jon Corzine ordered to pay $5 million penalty in MF Global case*/

– (Bloomberg)—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.
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Jon Corzine pays regulators $5 million for part in collapse of MF Global

Jon Corzine pays regulators $5 million for part in collapse of MF Global*/

– Following 5 years of investigations by litigators, law enforcement agencies and regulatory authorities, former CEO of failed electronic trading firm MF Global, Jon Corzine, has settled with the CFTC for $5 million, and accepted a ban on trading client money or other assets under the CFTC’s jurisdictionJust over five years have passed since MF Global, one of the most notorious electronic trading companies in the world, collapsed, the firm’s stock price having declined two-thirds in the final week of October 2011 and its credit rating having reduced resulting in its liabilities becoming high-yield debt following huge quarterly losses.Former politician Jon Corzine had been elected CEO and Chairman just one year before, in March 2010, and was responsible for the leadership of the publicly listed futures broker and bond dealer at its time of collapse, resulting in a massive public outcry, its demise having been one of the factors which prompted the US government to press forward with the infrastructural changes and large capital adequacy requirements that were proposed in the Dodd-Frank Wall Street Reform Act, in order to protect retail traders from losses of assets should a company fail.Today, Mr Corzine, following substantial legal wrangling that has taken place over the last five years, has settled with the Commodity Futures Trading Commission (CFTC) for his part in the demise of the firm, agreeing to pay $5 million with the CFTC also banning him from trading client money in commodities or other assets which fall under the regulatory remit of the CFTC.
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Former New Jersey Governor Jon Corzine to pay $5 million penalty to resolve MF Global case

Former New Jersey Governor Jon Corzine to pay $5 million penalty to resolve MF Global case*/

– 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.
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