MF Global Says Corzine Has Resigned, Will Not Seek Severance

MF Global’s chief executive Jon Corzine has resigned as head of the brokerage firm which filed for bankruptcy on Monday after a series of bets on European government debt soured.

Corzine, a former New Jersey governor who once ran Goldman Sachs, is under a cloud for allegedly failing to protect clients' investments by cordoning off their funds from the firm's money. The firm is being probed by the FBI and by regulators because it has not accounted for hundreds of millions of dollars worth of clients' money.

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