The former chief executive of collapsed brokerage firm MF Global has been charged with misappropriating about £1bn of client money.
Jon Corzine, a Wall Street veteran, "did not act in good faith" and did not properly supervise, the Commodity Futures Trading Commission (CFTC) said. MF Global, which had a UK subsidiary, became the eighth largest bankruptcy in US history when it filed for protection in October 2011, after a $6.3bn bet on European sovereign debt prices went wrong. Corzine, a former chief executive of Goldman Sachs, denies any wrongdoing. According to CFTC, Corzine, who joined MF Global as CEO in March 2010, had plans to transform the firm from a futures broker into a major investment bank, but it s...
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