Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
MF Global will repay nearly the entire amount that disappeared from customer accounts during the brokerage firm’s financial meltdown in 2011.
A federal court in New York has ordered the now defunct company to pay $1.2 billion in restitution to former customers, the US Commodity Futures Trading Commission (CFTC) announced on Monday.
The consent order, entered earlier this month by US District Court Judge Victor Marrero, also imposes a $100 million civil monetary penalty on the firm, to be paid after customers and creditors have received their cuts.
Dragged down by risky investments in European sovereign bonds, among other things, MF Global filed for bankruptcy in October 2011 – but not before removing $1.6 billion from customer accounts in a failed attempt to keep the firm afloat.
Monday’s ruling stems from a complaint filed in June by the US Commodities Futures Trading Commission over the lost funds.
The CFTC will continue with its cases against MF Global execs, including CEO Jon Corzine and former assistant treasurer Edith O’Brien.
2 Comments
David_R59
Bernie Madoff is really disappointed he hasn’t gotten the new room-mate he’s been expecting for the last couple of years. Someone he can “talk shop” with.
Hopefully Bernie won’t actually die before Corzine gets there.
ken in Napa
In my opinion the SEC and the other 15 federal watchdogs including the Dept of Justice should all be indited for misuse of power and neglence for allowing Jon the Criminal Corzine to go home every nite to his wife and family. And you wonder why the American people do not trust the present Gov’t. When your policing agencies turn away their heads and ignore criminal activity it is natural to suspect graft and corruption within those departments and it is rife in todays present adminstration. But like Thom Fischer says, “the day will come when folks will march on Washington with pitchforks and will throw them all out of office”. I can’t wait.