Corzine May Be Banned For Futures Trading
Former New Jersey Governor Jon Corzine (D) may be banned from futures trading if an industry group's proposal is approved.
Two directors of the National Futures Association are proposing that Corzine, who was CEO of the commodity futures firm MF Global when it collapsed, could be issued a lifetime ban when the group meets on Thursday in Chicago reports the New York Post.
“He [Corzine] doesn’t need to be near anyone’s money ever again in the futures space, and we want to make sure of it,” John Roe, an author of the proposed ban, told the Post.
NFA is the industry's self-regulatory agency that can decide what firms & individuals are able to trade in futures.
MF Global failed in 2011 after betting $6.3 billion on European debt that soured resulting in over $1billion in customer money being lost. The Justice Department investigated the charges but never brought charges.
Roe and James Koutoulas, who helped MF Global customers recover their money, want the board to investigate whether or not Corzine failed to supervise employees and kept sloppy records in violation of NFA rules.
Corzine is believed to want to get back into futures with his own hedge firm. A ban would hamper his efforts to do so.