CFTC Sues Corzine

After two years of investigation, the Commodities Futures Trading Commission is suing Jon Corzine, ex-chairman and CEO of MF Global. Edith O’Brien, another senior executive, as well as the company itself, will also face charges. Corzine, the former New Jersey governor and a former senator, is facing charges that include a failure to supervise and misuse of funds. The CFTC may also seek disgorgement and restitution for the many millions of dollars that “disappeared” as the result of bad bets made by Corzine. If the prosecution prevails, both Corzine and O’Brien will be banned forever from futures trading.