I thought they had forgotten about the way he illegally took money from customer’s trust accounts and gambled it on high-risk investments – and lost it. He should be in prison for what he did. Instead he got a fine that amounts to pocket change for him and a lifetime ban from ‘CFTC markets’.
Big whoop. He is, after all, a Democrat and a FOO (Friend of Obama).
“Jon Corzine Gets $5 Million Fine and Lifetime Ban for Tanking MF Global”
Five years after he oversaw the collapse of commodities brokerage MF Global Holdings Ltd., CEO Jon Corzine is finally paying the piper. The U.S. Commodity Futures Trading Commission (CFTC) sued Corzine for financial indiscretions at MF Global that saw the firm transfer some $700 million of customer money to its own accounts (they also loaned $175 million in customer funds to their U.K. subsidiary). The CTFC agreed to accept $5 million.
Corzine walked away from the Goldman fiasco with some $400 million so it’s hard to feel too sorry for him. But after paying his part of a $132 million settlement funded by Corzine and other MF Global execs to customers who lost funds, plus spending well over a hundred million on his US Senate and gubernatorial runs, it can’t be a ton of laughs to fork over another $5 million.”