Jon Corzine Faces Lifetime Industry Ban Not Civil Fraud Charges [REPORT]

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Commodity Futures Trading Commission (CFTC) Commissioner Bart Chilton spoke with FOX Business Network (FBN) about the CFTC suing Jon Corzine over MF Global Holdings Ltd (OTCMKTS:MFGLQ)’s collapse. Chilton said, that we are seeking a lifetime industry ban for Jon Corzine. Chilton went on to say, that the CFTC did not charge Corzine with civil fraud.

The video as well as excerpts from the FBN report can be found below.

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Bart Chilton On whether the CFTC is seeking a lifetime industry ban for Jon Corzine:

“Yes…we actually are asking for a trading ban.”

Bart Chilton On whether the CFTC charged Jon Corzine with civil fraud:

“No, what we are charging him with is his violations of the law, with regards to segregated funds. And segregated funds are customer money and that money is supposed to be sacrosanct and it’s a violation of that.”