Jon Corzine, the former chief executive of MF Global Holdings, will pay $5 million in a settlement with a top US regulator over the failure of the commodities brokerage  in 2011.

The US Commodity Futures Trading Commission said in a January 5 statement that Corzine, also a former Goldman Sachs executive and ex-New Jersey Governor, has been ordered to never again work for a futures commission merchant. The order also barred him from registering with the CFTC.