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July 2, 2013

Commissioner Sommers to Leave CFTC Next Week

Commodity Futures Trading Commission member Jill Sommers said Monday that she would leave the agency July 8, after concluding oversight of the agency’s investigation of MF Global Holdings Ltd.

“’I cared deeply about seeing this investigation brought to the point of us filing a complaint,’ Mrs. Sommers said in an interview.  Mrs. Sommers first announced she would leave the commission in January, after serving over five years.

The CFTC filed civil charges Thursday against former MF Global Chief Executive Jon S. Corzine and a top lieutenant for overseeing the misuse of almost $1 billion in customer funds, as the firm collapsed in Oct. 2011.

Ms. Sommers took over the CFTC’s investigation of MF Global after Chairman Gary Gensler recused himself because of his ties to Mr. Corzine at Goldman Sachs Group Inc., where the two were co-workers in the 1990s.”

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Read full Wall Street Journal article here

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