Corzine Sank MF Global, Trustee Says

Law360, New York (April 4, 2013, 11:57 AM EDT) -- Former MF Global Holdings Ltd. CEO Jon Corzine’s aggressive trading strategy and “negligent conduct” in policing the brokerage firm’s risk led to its collapse, bankruptcy trustee Louis Freeh said in a blistering report Thursday.

The 124-page report, based on interviews with former MF Global employees and a review of hundreds of thousands of documents, concluded that Corzine and other executives knew about but failed to correct firmwide lapses in risk management. That made it “almost impossible” to monitor Corzine’s aggressive trades in European sovereign debt that...
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