U.S. Agency Sues Corzine Over Failure of MF Global

WASHINGTON (AP) -

Jon Corzine once saw a boutique brokerage called MF Global as his best hope to rescale the heights of Wall Street he’d once occupied as head of Goldman Sachs.

Now, with MF Global bankrupt, Corzine faces a lifetime ban from the futures industry. On Thursday, federal regulators sued the onetime U.S. senator and governor of New Jersey, alleging he was responsible for the misuse of billions while CEO.

A civil lawsuit filed in Manhattan by the Commodity Futures Trading Commission seeks to restrict Corzine’s ability to trade investments and demands he pay unspecified penalties.

Corzine disputed the allegations through his lawyers.