Jon Corzine, the ex-CEO of MF Global, a major derivative broker that went bankrupt in October, 2011, is reportedly being brought up on charges by the CFTC relating to the collapse.

On Thursday, June 27th, the CFTC issued a press release stating that they would be bringing charges against Jon Corzine, the former CEO, and Edith O’Brien, Former Assistant Treasurer, in relation to the derivative giant’s collapse in fall 2011. The collapse took with it over one billion dollars of customer money, and the resolution of the crisis are considered to be one of the largest bankruptcies in the United States. In accounts of the crisis, it seems that MF Global may have unlawfully used customer funds to cover losses.

Corzine originally joined MF Global with intent to turn the futures broker into an investment bank, and according to the CFTC release, “Corzine’s strategy called for making increasingly risky and larger investments of the firm’s money.” Corzine had allegedly been made aware of the low cash balance of the firm, but still continued to order the payback of loans and obligations.

Edith O’Brien, who was an Assistant Treasurer at MF Global is being charged with aiding and abetting, as she allegedly approved and caused the implementation of loans that caused millions of dollars of damage.

Both Corzine and O’Brien plan to fight the charges, but the CFTC hopes to ban them from the futures industry.