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Fmr NJ Gov. Jon Corzine Steps Down As MF Global CEO

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Jon Corzine (file / credit: Mario Tama/Getty Images)

Jon Corzine (file / credit: Mario Tama/Getty Images)

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WASHINGTON (CBSNewYork/AP) – Former New Jersey Gov. Jon Corzine has resigned as CEO of MF Global.

WCBS 880’s Irene Cornell On The Story

Corzine joined MF Global in March, 2010.

Earlier this week, the firm filed for bankruptcy protection after an audit revealed potentially millions in missing client funds.

A company executive reportedly admitted to federal regulators that the firm used clients’ money as its financial troubles mounted. Regulators say more than $600 million in client money is still missing.

The FBI and the U.S. attorney have joined the investigation of missing money.

Corzine rejected a $12 million severance package, including cash and benefits.

He said in a statement that he feels “great sadness about what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others.” He said he will continue to assist the company and its board as they continue to sort out what happened in the firm’s final days.

Corzine said his resignation was voluntary, and called it “a difficult decision.”

MF Global says lead director Edward Goldberg and president and Chief Operating Officer Bradley Abelow will continue in their current positions.

Earlier this year, there were reports that Corzine was being eyed as a possible replacement for Treasury Secretary Timothy Geithner.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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