NEW YORK -- A private market regulator refused to ban former MF Global chief Jon Corzine from trading with other people’s money Thursday, rejecting a motion brought before that body's board of directors to do so.

The National Futures Association's decision is a blow to a vocal group within the commodities trading world who -- noting that Corzine has not been held accountable by the government for alleged crimes -- wanted to see him publicly upbraided by his peers in the market.

Corzine was CEO of commodities broker MF Global in October 2011, when the firm collapsed, causing about $1 billion in losses to consumers whose money should have been safely guarded in separate accounts. In spite of congressional testimony accusing Corzine of breaking the law in the firm's final weeks, he has not been charged with any crime and is rumored to be raising cash to start a commodities-focused hedge fund.

Christopher Hehmeyer, chairman of the private regulator the National Futures Association, said in a statement that the board of the organization "understands that there are ongoing investigations concerning Mr. Corzine's activities at MF Global and does not wish to take any action that could interfere with those investigations. Once the appropriate agencies have completed their investigations, NFA has the authority to bring disciplinary action against Mr. Corzine.”

Hehmeyer also noted Corzine had lost his membership in the organization following MF Global’s collapse and said, “If Mr. Corzine applies for membership in the future, he will not be granted membership unless NFA, after completing its fitness investigation, resolves those issues to its satisfaction.”

In deferring to ongoing government investigations, the NFA rejected the arguments made by members of the futures trading community who had said the organization needed to place a “lifetime ban” on Corzine in order to uphold the integrity of the markets.

John Roe, one of the directors who presented the motion before the board Thursday told The Huffington Post prior to the NFA’s meeting that market participants “just need to know that someone, somewhere holds people accountable. If that fails to happen, we need to do something.”