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CFTC: ‘No Conclusions’ Yet in Corzine, MF Global Meltdown

The U.S. futures regulator has the power to go after top executives who “aid and abet” violations by their companies, said Jill Sommers, who is heading up the Commodity Futures Trading Commission’s probe into bankrupt brokerage MF Global.

Sommers, a Republican CFTC commissioner, was careful to say in congressional testimony prepared for delivery on Tuesday that her comments did not mean the CFTC had reached any conclusions as it probes why more than an estimated $1 billion dollars of customer money is missing.

But she laid out potential enforcement action scenarios for the CFTC to pursue.

“Staff is speaking with witnesses and reviewing documents and other information,” said Sommers. “They are proceeding as expeditiously as they can.”

She will testify before the Senate Banking Committee along with CME Group Inc Chairman Terrence Duffy, securities regulators, and bankruptcy trustees for the broker-dealer and the parent company. . .

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