Federal
regulators are set to file charges against former New Jersey Gov. Jon
Corzine possibly later this week for his role in the collapse of MF
Global.
Citing law enforcement sources close to the case, The New York Times
reported Tuesday that the Commodity Futures Trading Commission, which
had regulatory oversight of the mammoth money management firm, is ready
to approve civil charges over misuse of client funds.
Corzine, the former chairman and CEO of MF Global, has denied any wrongdoing.
USA Today
Well it's about time. Even though it's a civil suit rather than a criminal suit, it should be interesting to see how Corzine tries to explain how $1 billion of customer funds disappeared on his watch and he somehow was not in any way responsible. I truly hope that the Feds don't do what they usually do, that is, extract a fine while allowing the accused to neither admit or deny guilt. They need to set an example so that the rest of the Wall Street crew maybe thinks twice before they engage in questionable practices or run an operation with slip-shod controls.
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