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Alternative Market Briefing

NFA Board holds off lifetime ban on Jon Corzine… for now

Friday, February 22, 2013

By: Mark Melin, Opalesque Chicago, Editor of Opalesque Futures Intelligence (OFI)

The National Futures Association Board of Directors did not immediately act on a motion to ban former MF Global CEO Jon Corzine for life, but left open to possibility of the self regulator taking action after ongoing investigations currently underway by other government agencies are complete.

"Once the appropriate agencies have completed their investigations, NFA has the authority to bring disciplinary action against Mr. Corzine for violations of any NFA rules that occurred while he was a member," according to a statement from the NFA. "The sanctions for disciplinary actions could include a lifetime ban and significant monetary fines."

Sources indicate the NFA board had mixed feelings about the Koutoulas / Roe proposal to ban Jon Corzine from membership. While damage done to the commodity markets has been significant, an investigation into MF Global executives initially appeared not to take place. Official sources close to the investigation were quoted in The New York Times as saying the "case was cold" before MF Global executives were questioned, despite the fact that criminally suspicious information was available in the public record. Arguments against the motion likely included jurisdictional issues with other regulatory agencies, the fact Mr. Corzine currently is not an NFA member and interference with......................

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