READY OR NOT

Civil Charges Coming for Jon Corzine

For MF Global’s misuse of customer money.

Not everyone on Wall Street gets a free pass. Federal regulators are readying civil charges against Jon Corzine, the former New Jersey governor who oversaw MF Global, the brokerage firm that lost over $1 billion of its customers’ money as it unsuccessfully attempted to save itself from bankruptcy in 2011. The coming suit is expected to allege that Corzine’s mismanagement and poor supervision make him liable for the company's misuse of customer money. Corzine will most likely not face criminal charges, but he won’t be able to buy his way out of the civil suit—it’s set up in a way so that settlement is not an option. Corzine faces millions in fines and a possible ban on future trading.