MF Global collapsed in October 2011
The Commodity Futures Trading Commission is expected to claim that Jon Corzine’s lack of supervision over his employees resulted in the brokerage’s loss of more than $1 billion in customer funds, reports the Times.
MF Global fell into bankruptcy last October and allegedly attempted to use customer funds to make up for the deficit.
According to the Financial Times, Mr Corzine is likely to be successful if litigation continues because CFTC rarely wins when facing executives of failed financial groups. If the CFTC is successful, however, Mr Corzine could be fined millions of dollars in conjunction with a ban on trading commodities.