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By Silla Brush, Bloomberg |
July 17, 2012
The U.S. Commodity Futures Trading Commission reviewed operations at PFGBest at least twice since 2006 without detecting the fraud that led to the collapse of the futures broker and a $200 million shortfall in client funds.
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By Bloomberg |
July 16, 2012
Russell Wasendorf Sr., the chief executive officer of bankrupt futures brokerage Peregrine Financial Group Inc. facing criminal charges, was sued by a customer claiming the CEO and his son illegally commingled firm and client money.
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By News Story |
July 13, 2012
Russell Wasendorf, Sr. was arrest by FBI agents Friday afternoon. Here is the affidavit with the charges and a copy of what Wasendorf said in a note found near his attempted suicide.
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By Andrew Harris and Linda Sandler, Bloomberg |
July 13, 2012
Wasendorf was charged by U.S. prosecutors with making false statements to federal regulators and is to appear in court later today in Cedar Rapids.
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By Alanna Byrne |
July 13, 2012
In the years leading up to its bankruptcy, PFGBest eschewed the services of large, established auditing firms, instead enlisting a small accounting firm based in a suburban Chicago home to monitor its books.
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By Linda Sandler, Bloomberg |
July 12, 2012
Customers’ claims on PFGBest, whose founder is accused by regulators of misappropriating more than $200 million, may fetch less than a quarter of their value in the wake of the firm’s bankruptcy.
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By Daniel P. Collins |
July 12, 2012
Still reeling from the debacle of MF Global, the futures industry now is dealing with potential fallout after learning that Russell Wasendorf Sr. may have falsified bank records to hide PFG's failure to maintain customer segregated funds.
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By Daniel P. Collins |
July 11, 2012
PFGBest filed for Chapter 7 bankruptcy protection on Tuesday night as disturbing details of the financially troubled firm and those charged with overseeing it have been revealed.
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By Daniel P. Collins, Michael McFarlin |
July 10, 2012
The PFGBest revelation raises serious questions about the safety of the U.S. Futures industry. Now, apparently customer segregation has been violated twice in nine months.
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By Press Release |
July 10, 2012
CFTC files complaint against Peregrine Financial Group, Inc. and Russell R. Wasendorf, Sr. alleging fraud, misappropriation of customer funds, violation of customer fund segregation laws and making false statements.
