Jon Corzine in Ban Threat, Judge Approves Outline MF Global Plan

Jon Corzine

The future is murky for former NJ governor and fallen financial titan Jon Corzine.

The New York Post reports that two directors of the National Futures Association will move Wednesday 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.

In the meantime, Reuters reports that a bankruptcy judge on Tuesday approved the outline of a plan by liquidators and creditors of failed brokerage MF Global to repay the company's creditors, a key step toward ending its $40bn Chapter 11 bankruptcy.

At a hearing in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn green-lighted the outline, which was amended to address minor concerns Glenn had raised in refusing to approve an earlier version of the outline last week.

Kick the bum out: Regulator set to weigh lifetime ban for Corzine

MF Global payout plan approved for creditor vote

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