Former MF Global Holdings Ltd. Chairman and Chief ExecutiveOfficer Jon S. Corzine's risky business strategies andmismanagement helped accelerate the futures brokerage's demise,according to a report by bankruptcy trustee Louis Freeh.

The 124-page report blames Corzine and his management team forbungling an expansion of the company's traditional business modelwhile ignoring deficiencies in its risk controls. Corzine's“aggressive trading strategy” that invested heavily in Europeansovereign debt produced no significant revenues, and he and ChiefFinancial Officer Henri Steenkamp knew that the company's controlswere flawed as early as May 2010, according to the filing today inU.S. Bankruptcy Court in Manhattan.

Capital and liquidity assumption “were fatally flawed, eventhough Corzine and other members of his management team knew abouttheir deficiencies many months before they were stretched to theirlimits” in October 2011, lawyers for Freeh said in the report.

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