As if the Peregrine Financial Group (PFG) fraud story could not get any more peculiar, Russell Wasendorf Jr. and his wife Amber filed a lawsuit against US Bank and one of its employees last Friday, alleging that the bank failed to disclose pertinent information about his father’s finances and misuse of customer funds.
Peregrine Financial Group customers will receive their first payout — totaling roughly $123 million — after a federal bankruptcy judge Thursday approved a distribution plan from trustee Ira Bodenstein.
In a Sept. 9 court filing, the agency asked the court to delay a distribution of funds to Peregrine Financial Group customers until trustee Ira Bodenstein has performed “reasonable due diligence to ensure that the data underlying the distribution are reliable.”
Days after receiving a letter from a former PFG customer complaining about the lack of progress in getting money back to former PFG customers, the PFG trustee asks judge to give raise to PFG general counsel.
CTA Bouchard Capital LLC will be shutting its doors later this week because nearly 80% of the client and proprietary money it was trading, $3.4 million of $4.4 million, is tied up in the PFGBest fraud.
Yesterday’s hearings of the U.S. Senate’s Agriculture, Nutrition and Forestry Committee probing the MF Global and PFGBest scandals had less fireworks than past hearings but perhaps a more serious tone.