National Futures Association Politely Requests That Jon Corzine Apply For Membership So That It Can Ban Him For Life

Earlier this week, the NFA met to discuss the possibility of a lifetime ban of Jon Corzine from the futures industry. Two directors in particular– John Roe and James Koutoulas– wanted him out and wanted him out bad. Guy thought he could take down a once proud brokerage firm for yuks and then get off scot free? He had another thing coming, Roe and Koutoulas probably said to each other while putting the finishing touches on a press release they planned to send out announcing the news, in addition to skywriting plane they put a deposit on to spell out “Hit the bricks, pal,” over Corzine’s house. Unfortunately, the duo will most likely lose their $150 and most definitely have to save the party hats they sent others to pick up for another time. It seems in their excitement to tell JSC that he was “finished here,” Roe and Koutalas failed to make sure he was actually a member of their organization.

…when the board emerged from its meeting late on Thursday, the group issued a cryptic statement suggesting that Mr. Corzine could not be so easily ostracized because of, well, a small flaw in the plan: “Mr. Corzine is not currently a member of N.F.A.,” the board’s chairman declared in the statement.

So, sad trombone, but wait! They can still salvage this!

The group on Thursday vowed that he “will not be granted membership unless N.F.A., after completing its fitness investigation, resolves” concerns about his ability to run a futures firm.

Kicking Corzine Out of the ‘Club’ Proved to Be Not So Easy [Dealbook]
Corzine Avoids Lifetime Futures Ban, for Now: Regulator [Reuters]
Related: Who Wants To Help Jon Corzine Launch A Hedge Fund?

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23 Responses to “National Futures Association Politely Requests That Jon Corzine Apply For Membership So That It Can Ban Him For Life”

  1. As sad as this is, your write-up made me lol

  2. Guest says:

    Correct me if I am wrong, but isn't the whole reason JC bought a gazillion Italian bonds because he couldn't make any money in the futures business?

  3. Guest says:

    Was this meant to be funny? Seriously

  4. gust says:

    <Groucho Marx Quote>

  5. Guest says:

    How about the NFA do something of value and find that missing couple hundred million that has yet to be found.

  6. Guest says:

    The NFA should ask itself (or Finra) who was the genius that allowed JC to take Series 32

    (The National Futures Association has amended Registration Rule 401 to allow a General Representative or a Futures and Options Representative, who has taken and passed the exams of the Securities and Futures Authority in the United Kingdom, to meet NFA requirements by passing a shortened version of the U.S. commodity futures exam, that is, the Series 32 exam.)

    in order to satisfy JCs registration requirements (S-7 and S-24) after having been out of the securities industry since 6/1999????? Anyone else would have had to sit at least the S-3 and S-24 and hope for S-7 waiver – and anyone else would have been in jail a long time ago…..

  7. Jon says:

    I detest any club or an organization that would have me as a member.

    – Jon Corzine.

    P.S. And you can probably guess what I think of the voters who elected me as their governor.

  8. unwanted guest says:

    Hey John, what's that look you're going for?

    A) Hapless preacher in a spaghetti western.
    B) Undertaker
    C) Anything that will go with the gold pocket watch and chain

  9. Volker says:

    i think what Roe and Kout were trying to make the point that Corzine should have been a member of the NFA with his role as a clearing member running a FCM to begin with… In fact Corzine was given a pass on ALL of his regulatory licensing that had expired.