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Former Gov. Jon Corzine.

(Aristide Economopoulos/NJ Advance Media)

TRENTON -- Former Gov. Jon Corzine has agreed to pay a $5 million fine for customer losses when he headed MF Global Holdings Ltd.

Under the consent order issued by a federal court, Corzine is also banned from serving as an official or employee of any commodities trading firm and was banned from trading most commodities and other investments regulated by the Commodity Futures Trading Commission, which announced the New York federal court order on Thursday.

MF Global, which was led by Corzine, collapsed in 2011 after a disastrous bet on European countries' debt. When it fell, customer money was discovered to be missing and was later found to have been used to support the firm's trading operations.

The CFTC sued Corzine in 2013 for failing to properly oversee the company's brokerage unit while it spiraled toward failure as $1.6 billion in customers' funds went missing.

"Because of this control and by his conduct, Corzine is liable for MF Global's violations as its controlling person," the regulatory agency said in a statement. "Furthermore, from at least August 2011 through October 31, 2011, Corzine failed to supervise diligently the activities of the officers, employees, and agents of MF Global in their handling of customer funds."

Corzine said he was pleased that the matter was resolved. "I have accepted responsibility for (MF Global's) failure, and I deeply regret the impact it had on customers, employees, shareholders and others," he said in a statement. "I remain gratified that several years ago all customer money was recovered and returned to MF Global customers."

In 2014, MF Global agreed to pay $1.2 billion in restitution and a $100 million fine.

Corzine has largely stayed out of the spotlight since losing his re-election bid to Gov. Chris Christie in 2009.

The last time he have a public speech was in December 2015, when he offered up career guidance to graduate students of business at Farleigh Dickinson University's Madison campus.

The Associated Press contributed to this report.

Matt Arco may be reached at marco@njadvancemedia.com. Follow him on Twitter @MatthewArco or on Facebook.