Former New Jersey Gov. Jon Corzine has reached a $5 million settlement with the Commodity Futures Trading Commission over his role as CEO of MF Global Holdings Ltd. during the commodities brokerage’s 2011 collapse into bankruptcy, the agency announced Thursday.
The settlement ends a long-running legal saga related to MF Global’s loss of more than $1 billion in customer money, which emerged in the final days before the company’s 2011 bankruptcy. The CFTC alleged that MF Global misused nearly $1 billion of customer funds to support the company’s operations. Corzine allegedly failed to properly supervise the company’s handling of customer funds while CEO, the commission said.
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