The legal trustee overseeing MF Global’s bankruptcy has blamed Jon Corzine, the broker-dealer’s former chief executive, for ramping up risk while failing to overhaul money management systems.
James Giddens said yesterday that he would decide within 60 days whether to sue Mr Corzine – the former New Jersey governor and senator – and other former staff members at the company for “breach of fiduciary duty and negligence”.
In a 275-page investigative report, Mr Giddens pinpointed “management’s actions” – together with insufficient and outmoded monitoring systems and “gaps in record-keeping” – as key factors that helped lead to $1.6bn of missing customer funds following MF Global’s doomed investments in European bonds.
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