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Distressed debt buyers put low value on PFGBest

Peregrine's assets frozen

By Linda Sandler, Bloomberg

July 12, 2012 • Reprints

Bank Records

Peregrine reported about $400 million in customer-segregated funds around June 29, of which $225 million was on deposit at U.S. Bank, according to the National Futures Association. The regulator said it learned that Peregrine’s chairman “may have falsified bank records” after finding only $5 million on deposit.

Peregrine is being probed by the U.S. Federal Bureau of Investigation, said Sandy Breault, a spokeswoman for the agency’s Omaha, Nebraska, office.

MF Global’s failure was the first time a futures brokerage’s collapse led to the loss of customer money, which is supposed to be segregated in separate accounts, according to futures industry leaders. Parent company MF Global Holdings Ltd. filed the eighth-largest U.S. bankruptcy last year with debt of almost $40 billion after making $6.3 billion in bets on sovereign debt and getting margin calls. A $1.6 billion shortfall in customer funds remains.

The Peregrine bankruptcy case is Peregrine Financial Group Inc., 12-27488, U.S. Bankruptcy Court, Northern District of Illinois (Chicago). The CFTC regulatory case is U.S. Commodity Futures Trading Commission v. Peregrine Financial Group Inc., 12-cv-5383, U.S. District Court, Northern District of Illinois (Chicago).

Bloomberg News

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Related Terms
bank 6455Texas 1372cftc 937U.S. Commodity Futures Trading Commission 658Illinois 599MF Global 347National Futures Association 316Iowa 249Nebraska 216U.S. District Court 202Bankruptcy 149MF Global Inc. 137MF Global Holdings Ltd. 121NFA 94PFGBEST 63U.S. Bankruptcy Court 54CRT Capital Group LLC 47Peregrine Financial Group Inc. 45Russell Wasendorf Sr. 39futures brokerage 29insurance 23FBI 21Russell Wasendorf 17U.S. Bank 15U.S. Federal Bureau of Investigation 7Joseph Sarachek 3Sandy Breault 2Fulcrum Capital 1Brian Coppola 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
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    • Forex
    • Managed Funds
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    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
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