No Criminal Case Is Likely Against Jon Corzine in Loss at MF Global

No Criminal Case Is Likely in Loss at MF Global

A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives.

After 10 months of stitching together evidence on the firm’s demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case.

The hurdles to building a criminal case were always high with MF Global, which filed for bankruptcy in October after a huge bet on European debt unnerved the market. But a lack of charges in the largest Wall Street blowup since 2008 is likely to fuel frustration with the government’s struggle to charge financial executives. Just a few individuals — none of them top Wall Street players — have been prosecuted for the risky acts that led to recent failures and billions of dollars in losses.

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Comments
9 Responses to “No Criminal Case Is Likely Against Jon Corzine in Loss at MF Global”
  1. chitown2020 says:

    Gerald Celente will haunt him until the day he dies.

  2. see says:

    Did anyone really think they would bring charges agaist Corzine?

  3. chitown2020 says:

    The rule of law must be restored in the U.S.A. which is….THE UNITED STATES CONSTITUTION. which is ……..the Supreme Law of the land.

  4. chitown2020 says:

    It’s official. Crooks and IMPOSTERS have hijacked US.

  5. MassResident says:

    Does he get to keep his house in Summit New Jersey? ( Although I heard his ex wife has it but you know about rumors…. lol )…. You should see it… wonder who paid for it?!

    Summit is to New Jersey as Beverly Hills is to California…..

    Just sayin’.

  6. John Anderson says:

    Hey he just “borrowed” 1 Billion from clients accounts!
    So whats the big deal? I don’t read or hear about any of them complaining. So just don’t worry about it. I bet there will be a bunch of people will want to invest in the new hedge fund that this guy is starting up “with family money that was not invested with M.F. Global”.
    As soon as he gets back on his feet with OPM he may run for public office or just buy whoever is in office.
    Only in America.

    • BRH says:

      I am very familar with a business which went south, and a client lost $21,000, and it was truly a back office series of errors that caused the financial short fall, and the principal of this company was arrested, charged with “grand theif” and jailed. After they prosecution did there homework they found there was no evidence of criminal intention. The prosecutor finally dropped the case, but the person who went thru the ordeal was hammered and humiliated and damaged.
      And then you see someone like Corazine misplace 1 billion dollars of other peoples money, and he walks, where is the justice ?

  7. Ken Hansen says:

    The criminal justice system does not simply punish the dangerous, but ONLY the dangerous and poor. By punishing the poor disproportionately, the criminal justice system perpetuates poverty and fails to solve the underlying social structures that led to this class divide in the first place. Sounds like a bit of the housing crisis to me – we get crushed, Banksters get bonuses. Without a doubt, homeowners are being scrutinized by “authority”. Corzine and his soldiers – permanent freedom.

  8. Herman Vergara says:

    Fantastic. Now HSBC Bank USA can keep its money laundering operations all over the world, without any worry.

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