Breaking News from CNBC's Kate Kelly: CFTC Suit Attempts to Ban Corzine, O'Brien from Trading in Futures
WHEN: TODAY, THURSDAY, JUNE 27TH
WHERE: CNBC'S "POWER LUNCH"
Following is breaking news from CNBC's Kate Kelly. Following is a link to the video of the breaking news on CNBC.com: http://video.cnbc.com/gallery/?play=1&video=3000179088.
All references must be sourced to CNBC.
KATE KELLY: WELCOME BACK TO POWER LUNCH I AM KATE KELLY WITH SOME BREAKING NEWS. THE CFTC IS EXPECTED TO FILE SUIT IMMINENTLY AGAINST FORMER MF GLOBAL CEO JON CORZINE AS WELL AS THE FORMER SENIOR EXECUTIVE OF MF GLOBAL EDITH O'BRIEN AND THE DEFUNCT BROKERAGE FIRM ITSELF FOR A VARIETY OF CHARGES. THE CHARGES AGAINST CORZINE WE'RE TOLD WILL INCLUDE A FAILURE TO SUPERVISE. THE CHARGES AGAINST THE FIRM A MISUSE OF FUNDS AND IMPORTANTLY JON CORZINE AND EDITH O'BRIEN ARE EXPECTED TO BE PROPOSED TO BE BANNED FROM TRADING FUTURES IN THE FUTURE. THERE WILL ALSO DISGORGEMENT AND RESTITUTION AS PART OF THIS LAWSUIT WE'RE TOLD. THE CFTC HAS SCHEDULED A PRESS CONFERENCE AT 2:30 TO DISCUSS THE DETAILS OF THIS AND THE LAWSUIT IS EXPECTED TO BE FILED IMMINENTLY BEFORE THAT FROM WHAT WE'RE TOLD GUYS. SO DETAILS EMERGING AS SOON AS WE GET THEM WE WILL SHARE THEM WITH YOU.
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