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Jon Corzine CEO of MF Global Resigns

Jon Corzine, CEO of MF Global, threw in the towel, resigned and said that he will not seek his severance package which was worth $12.1 Million, including cash and benefits.

MF Global is currently under investigation by the FBI and Securities Regulators regarding more than $699 Million in missing customer money.

In a statement prepared by Corzine he states: “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others. I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.”

Jon Corzine retained the services of white-collar criminal defense lawyer,Andrew Levander; since he has already been named in a shareholder lawsuit that accused him of touting MF Global when he knew that the firm was hemorrhaging cash.

Edwin Goldberg, the lead director of the board of directors, and Bradley Abelow, president and Chief Operating Officer, will continue in their positions.


November 4, 2011 - Posted by | Business News | , , , , ,

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