Corzine Was Told Of Commingled Funds: CME Head

Law360, New York (December 13, 2011, 7:31 PM EST) -- The head of CME Group Inc.’s board on Tuesday told lawmakers that former MF Global Holdings Ltd. CEO Jon Corzine was made aware before the company’s bankruptcy that its broker-dealer subsidiary commingled customers’ assets with the firm’s own money.

Terrence A. Duffy, CME’s executive chairman, testified at a U.S. Senate hearing that a CME auditor had reported a phone conversation in which a senior MF Global employee indicated that Corzine had been told about a $175 million loan made from customer segregated accounts to a European...
To view the full article, register now.