Corzine Could Face Civil Suit in Collapse of MF Global

Former New Jersey Gov. Jon S. Corzine could soon face a civil suit from federal regulators over the 2011 collapse of futures broker and bond dealer MF Global.

According to the New York Times, the Commodity Futures Trading Commission plans to approve a suit against Corzine, 66, as early as this week, setting up what could be lengthy legal battle. This particular move against a Wall Street executive was categorized as "rare" by the Times, based on the federal government's tepid reaction to the 2008 financial crisis.  

Prior to being named CEO and chairman of MF Global, Corzine, a Democrat, represented New Jersey as a U.S. Senator from 2001-06 and as the state's governor for one term from 2006-10.

Corzine was defeated by Gov. Chris Christie in his bid for reelection in 2010.

Though the suit has not yet been filed, it's believed that the commission will blame Corzine for his failure to prevent the misuse of customer money, according to the Times, though speculation is he will not be linked to the disappearance of more than $1 billion in client funds.

Before being elected to the U.S. Senate, Corzine was employed by Goldman Sachs, working his way up over the years to chairman and CEO before his departure.