FINRA Gave Corzine Waiver to Run MF Global

When Jon Corzine returned to the securities business to run MF Global, he did so without requalifying or registering, as required by FINRA. Apparently FINRA waived the requirements for the former New Jersey governor, who resigned from the now-bankrupt MF Global last week.

According to a story in Forbes, a search on FINRA’s BrokerCheck failed to turn up the former head of Goldman Sachs, who returned to the financial world after he lost his bid for re-elecition as New Jersey governor in 2009. Although MF Global was listed as a FINRA member firm, the Forbes story said Corzine was not registered, as is required for principals according to FINRA’s own website, when he took the helm of MF Global.

The SRO may have granted Corzine a waiver despite the fact that he had been out of the business for approximately 11 years. The ex-governor sat only for a Series 32 exam in 2010, said Singer, despite the fact that his Series 7 and Series 24 credentials had long since expired. Corzine last sat for the former in 1975 and the latter in 1982.