CFTC Hits US Bank With Suit Over $215M Peregrine Fraud

Law360, New York (June 05, 2013, 2:58 PM ET) -- The U.S. Commodity Futures Trading Commission sued U.S. Bank NA in Iowa federal court Wednesday, accusing it of aiding the misappropriation of more than $215 million in customer funds from now-bankrupt Peregrine Financial Group Inc. by giving the company's former CEO free access to the money.

From 2008 until the discovery of the embezzlement scheme in July 2012, U.S. Bank had allowed former Peregrine CEO Russell Wasendorf Sr. to use customer funds for his own purposes, despite a legal requirement to keep those funds separate from...
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Case Title

US Commodity Futures Trading Commission v. US Bank, NA


Case Number

6:13-cv-02041

Court

Iowa Northern

Nature of Suit

Securities/Commodities

Judge

Linda R Reade

Date Filed

June 5, 2013

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