You may have vague memories of this guy. He went from New Jersey Governor to Obama bundler to a guy who made over a billion dollars disappear. Then the media completely ignored him since he’d make their God King look bad during his re-election campaign. Well, at least some financial regulators won’t be dealing with him any longer.
The future is murky for former NJ governor and fallen financial titan Jon Corzine.
Two directors of the National Futures Association will move tomorrow to ban Corzine from the multibillion-dollar futures trading industry in light of the scandalous collapse of MF Global — the commodity futures brokerage firm Corzine once headed.
If the motion is approved, NFA would hold hearings to determine whether Corzine, MF’s former CEO, deserves a “lifetime ban” from the industry.
Such a ban could hinder his reported plans to launch a hedge fund.
“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.
Roe and James Koutoulas, who helped recover money for MF’s jilted customers, plan to present the proposed ban as their first action as NFA directors. Both were elected in January.
MF’s 2011 downfall led to regulatory probes and hearings on Capitol Hill after it was discovered that Corzine’s company improperly tapped $1.6 billion in customers’ funds leading up to its bankruptcy filing.
The shortfall also triggered a Justice Department probe — although no charges have been brought.
The Justice Department is too busy cooking up schemes to disarm the public, so they’ll get back to us at an unspecified date.
Corzine, who declined to comment on the proposed ban, is reportedly looking to set up a hedge fund. An NFA ban would limit his ability to trade futures in any fund with outside investors, experts said.
It could also hinder his ability to raise money from pension funds and other large investors, experts said.
Corzine could also be asked to fork over as much as $250,000 for each violation, according to NFA rules. The proposed ban cites nine rule violations, which could ding the disgraced Corzine for as much as $2.5 million, Koutoulas said.