Peregrine Financial Group Inc.’s Chapter 7 trustee won court approval to create three classes of firm commodity customers, a ruling that he said may lead to full repayment for one class of account holders.
In a year dominated by crises — both natural and political — squeezing our annual list of largest influencers down to 20 was difficult. One thing this year highlighted was that money and power trump all as we learned that — at least in the banking world — there are some that are too-big-to-prosecute.
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.
It’s possible that for many readers, Futures has spent too much time focusing on what happened with MF Global and PFG and how their deceitful use of customer segregated funds has stained the futures industry.