Tag: MF Global

MF Global

Former MF Global CEO Handed $5m Fine

Former MF Global CEO, Jon Corzine, has been fined $5 million and banned from working as a Futures Commission Merchant (FCM).

The US Commodity Futures Trading Commission (CFTC) announced today that it has obtained a federal court consent order against Corzine requiring him to pay a $5 million civil monetary penalty for his role in MF Global’s unlawful use of customer funds totaling nearly $1 billion and for his failure to diligently supervise the handling of customer funds.

Under the terms of the order, Corzine cannot seek or accept, directly or indirectly, reimbursement or indemnification from any insurance policy with regard to the penalty amount.