This transcript is automatically generated
Heard first right here on Fox Business former MF global chief Jon Corzine.
Meeting with federal investigators last week to discuss the more than one and a half billion dollars that went missing in customer money.
Fox Business senior correspondent Charlie Gasparino all -- the story before anybody else he's here to break it down what -- you have Charlie.
What this is widely telegraphed we knew he was gonna speak with and September.
It's somewhat perfunctory because here's what we kind of belt right now.
The criminal case against Jon Corzine is pretty much.
As of now I would say dead in the water there's not going to be a criminal case we were first report this but everything I've been hearing coming out of the various agencies are looking at this hour a lot of them.
The CFTC Commodity Futures Trading Commission the SEC all saying that had a case here is more civil.
So that's what's kind of interest in in you know -- you're not gonna see criminal charge.
I think Jon Corzine faces very serious civil charges and when we mean -- civil charges the SEC.
And the CFTC -- regulators became puts you in jail -- the -- -- business and they can find it like hell.
And I think that's where Jon Corzine has its biggest liabilities he would -- you like -- how much.
You know it.
Millions of dollars in I was put it -- continuously depending on how much -- -- the libel and -- that is not even the beginning of his legal liability in terms of money.
He's going to be sued by.
MF global ugly -- bankruptcy.
And he's going to be sued by a joint sort of for the -- sort of attack between Gittens.
And it and the plaintiffs' lawyers had already filing suits of this is he faces millions upon millions of civil liabilities as -- first to report today.
Jon Corzine has found his friends he is not going to be easy.
Made that sort of ridiculous.
Sort of assertion he's not going to and the reason why is because.
His liabilities from a legal standpoint maybe he's not going to jail and it's not over yet but I think you know based on what I'm hearing it's -- leaning in that direction.
This guy is going to be tied up with legal matters for a very very long time and you can't see you get creative.
A registered hedge fund by doing this.
-- we should point out testimony is does not mean anything other than it's an interim step everybody who's gonna get his testimony but just showing you at the investigations do continue like I said.
-- -- criminal.
Highly likely -- he's gonna face something on the civil and particularly on in the notion that he was just a bit manager by the way.
You know you don't go to jail for being a bad manager but there -- civil you know the SEC and CFTC has management responsibilities no -- rules and regulations about management.
And I think what's -- just seeing how -- -- and -- pressed for time.
Next month there's going to be report by the congress by the house financial services committee on this what they're gonna showing that report I believe they someone -- hearing.
Is that Jon Corzine may have been one of Wall Street's worst managers ever.
Well my heart goes out of the farmers and the customers who lost dollars doubt that going to -- one point six a problem billion dollars and almost unprecedented.
And I not happen Charlie Gasparino thanks for bringing us the story appreciate your time gray.