CFTC charges MF Global, Corzine, O'Brien over brokerage collapse
U.S. regulators on Thursday charged MF Global, along with its former Chief Executive Jon Corzine and former Assistant Treasurer Edith O'Brien, over the failed futures brokerage's misuse of customer funds and related violations.
The Commodity Futures Trading Commission said MF Global had agreed to settle all charges against it, pay a $100 million penalty, and pay all the funds still owed to commodity customers.
MF Global collapsed in October 2011 under the weight of aggressive bets on sovereign debt, thin capital and questionable disclosures to investors. Customers were left reeling after it was revealed that more than $1 billion of their money could not be found.
Corzine is charged with violating his legal obligations to diligently supervise. O'Brien is charged with aiding and abetting the firm's misuse of customer funds.
(Reporting by Douwe Miedema and Emily Stephenson, Writing by Karey Van Hall; Editing by Gerald E. McCormick)
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