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MF Global is a bellwether case

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CFTC Commissioner Bart Chilton on the Filing of Charges in the MF Global Case…

This is a bellwether case for the Commission following an exhaustive investigation.  I hope that those who lost money in this colossal catastrophe can gain some satisfaction from the steps we have taken since Halloween day in 2011.

We allege that Mr Corzine exercised direct and indirect control over MF Global. We further allege that Mr. Corzine in bad faith or knowingly induced the customer funds to be used. We also allege that Ms O’Brien willfully aided and abetted customer cash transfers in violation of the law.

I hope, too, that the Commission’s efforts, particularly those of our Division of Enforcement, will help to restore confidence in the futures markets.  People need to know that their segregated funds are sacrosanct and should never have to fear waking up in the morning to learn they have evaporated.

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