The New York Federal Court ordered MF Global Holdings to pay $1.21 billion in restitution fees, in addition to a $100 penalty, for its unlawful use of customer funds, the Commodity Futures Trading Commission said Wednesday.How does Corzine manage to stay out of jail?
Litigation continues against ex-MF Global chief Jon Corzine and MF Global's former Assistant Treasurer Edith O'Brien, the CFTC said.
MF Global, a subsidiary of MF Global Holdings, collapsed in 2011 at the height of the European debt crisis when markets became spooked by the firm's $6.3 billion bet on European government bonds. U.S. authorities have accused the firm of using customer money to cover liquidity shortfalls.
The CFTC deemed MFGH responsible for MFGI's failure to notify regulators account deficiencies and its unlawful use of customer segregated funds in 2011.
Wednesday, December 24, 2014
MF Global To Pay $1.2 Billion In Restitution