Jon Corzine is stepping down from running the securities firm that collapsed after his disastrous bets on European debt.

The firm, MF Global, said Friday that Corzine has resigned as chairman and chief executive. It says he will decline a severance package worth $12.1 million, including cash and benefits.

MF Global filed for bankruptcy protection on Monday after its bets on European debt spooked investors and trading partners.

The company is under investigation by regulators and the FBI because hundreds of millions disappeared from customer accounts as it slid toward bankruptcy.

Corzine ran Goldman Sachs and was governor of New Jersey before joining MF Global.

MF Global says lead director Edward Goldberg and President and Chief Operating Officer Bradley Abelow will continue in their current positions.