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Peregrine Got $48M Ponzi Loot, Crown Forex Receiver Says

Law360, New York (February 2, 2012, 1:16 PM EST) -- The Minneapolis receiver recovering money from a $190 million Ponzi scheme run by jailed Crown Forex SA principal Trevor Cook sued Peregrine Financial Group Inc. on Wednesday, claiming Peregrine managers ignored red flags as Cook and his cohorts sent them $48 million.

Receiver R.J. Zayed, a veteran litigator at Carlson Caspers Vandenburgh & Lindquist, filed a nine-count complaint against Chicago-based Peregrine that seeks recovery and interest under Minnesota's fraudulent transfer law.

"The Ponzi principals ultimately lost more than $30 million in trading accounts at [Peregrine] that defendant permitted Cook to open, maintain and manage in the face of overwhelming red flags...

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Court

Minnesota

Nature of Suit

Securities/Commodities

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Date Filed

January 31, 2012

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