The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has obtained a federal court Consent Order against Jon Corzine, former CEO of MF Global, requiring him to pay a $5 million civil monetary penalty for his role in MF Global’s unlawful use of customer funds totaling nearly one billion dollars, and for his…
Read moreThe Wall Street Journal reported yesterday that disgraced former MF Global CEO Jon Corzine, also former chairman of Goldman Sachs and ex-New Jersey Democrat governor has discussed plans to start his own hedge fund. It would start with Corzine's personal cash, as well as a handful of outside investors, the paper reported and could only be launched…
Read moreMF Global, the ill-fated brokerage, went insolvent in 2011 but the saga around the bankruptcy, return of customer funds, litigation and regulatory probes of the corporate management, seems to be never-ending. Today brought a piece of good news to the creditors of MF Global Inc (MFGI). James W. Giddens, Trustee for the liquidation of MFGI,…
Read more"I re-iterate that everything I said is true and has been reported to the CFTC with documentary support" - NFA board member and co-founder of Commodity Customer Coalition James Koutoulis
Read moreOver three and a half years after the demise of MF Global as a result of improper transfers of client funds, the litigation continues with the CFTC having this week imposed a further $100 million civil monetary penalty over and above the $1.2 billion restitution order applied to the firm in March this year
Read moreMr. Barnett joined the CFTC in August 2011 to organize and head the newly created DSIO, subsequently creating the regulator's swap dealer compliance and registration programs. His tenure at the CFTC has included leading responses to FCMs and FX dealer crises following the failure of MF Global
Read moreThe CFTC’s litigation continues against MF Global Holdings Ltd., Jon S. Corzine, and Edith O’Brien, with restitution proceeding for customers who collectively sustained $1 billion in losses The long, drawn-out saga of defunct FX company MF Global may be put to an end today, as the US Commodity Futures Trading Commission (CFTC) has announced that…
Read moreRegulator's clear message to brokerage CEOs – you are ultimately responsible for customer funds. The CFTC, in one of its strongest worded statements we've seen, has brought a civil action against former MF Global CEO Jon Corzine, as well as former Assistant Treasurer Edith O'Brien for the $1 billion in client funds which were missing when…
Read moreRaises questions as to what CFTC and NFA regulators actually do.
Read moreFSA unable to sell WorldSpreads, will return cash to clients.
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