Jon Corzine Takes Stand to Testify in MF Global Trial, Blames PWC

[kreslik.news]

Former New Jersey governor and CEO of MF Global Inc Jon Corzine today has begun testifying over who is to blame in the $3 billion trial stemming from the 2011 collapse of commodities brokerage MF Global Holdings.

The bankruptcy plan administrators of the brokerage are suing PwC, the world’s second-biggest professional services firm which was the auditor of MF Global, claiming that its negligence and malpractice led to the New York brokerage’s collapse in 2011.

More specifically, PwC allegedly advised MF Global to account for repurchase-to-maturity transactions as if they were sales and immediately book the revenues up to 21 months before ... (read more)