Sen. Moran Statement on CFTC’s MF Global Restitution Announcement

230px-Jerry_Moran,_official_portrait,_112th_CongressSen. Moran Statement on CFTC’s MF Global Restitution Announcement
The $1.2 billion restitution fine and $100 million civil penalty announced today are important steps in restoring trust in markets and making certain bad actors in our financial system face appropriate consequences.”

WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.), a member of the Senate Banking Committee, released the following statement today regarding the Commodity Futures Trading Commission’s (CFTC) investigation of MF Global:

“The actions of MF Global harmed investors and jeopardized confidence in the security of financial markets. The $1.2 billion restitution fine and $100 million civil penalty announced today are important steps in restoring trust in markets and making certain bad actors in our financial system face appropriate consequences. Farmers, ranchers and investors will soon learn that their long-overdue funds have been ordered to be restored, but they should also know this is not the end of the story.

 

“The CFTC continues litigation with former-MF Global chairman Jon Corzine and other senior management in pursuit of justice. Nothing can undo the damage to these segregated account holders caused by the actions of MF Global. But I am hopeful the actions of the court today begin to repair some of the trust in the futures market that was lost when MF Global filed for bankruptcy.”