CFTC orders ABN AMRO Clearing Chicago LLC to pay $1 million to settle charges of segregated and secured fund deficiencies, a minimum net capital violation, books and records violation, and supervision failures.
Futures brokerages say a proposed U.S. rule meant to protect customers’ money in a collapse like MF Global Holdings Ltd.’s bankruptcy may end up driving clients from the market and companies out of business.
Russell Wasendorf Sr., the founder of now-bankrupt commodities firm Peregrine Financial Group Inc., was sentenced to 50 years in prison for what prosecutors said was a theft of more than $215 million from customers.
The CFTC today announced the filing and simultaneous settlement of charges against Cantor Fitzgerald & Co., Inc. for failing to maintain sufficient funds in its customer segregation account for a period of three days.
The Commodity Futures Trading Commission unanimously approved new customer protection rules yesterday in response to MF Global’s demise one year ago and the revelation of fraud PFGBest earlier this year.
The U.S. agency that oversees derivatives, criticized for poor oversight of MF Global Holdings Ltd. and Peregrine Financial Group Inc., proposed new rules to improve segregation and protection of customer funds.
Russell Wasendorf has pleaded guilty to fraud at Peregrine Financial Group and is behind bars. Now, his estate is up for sale to try and recoup some of his theft. The "Des Moines Register" got a look inside his estate.