CFTC Sues Peregrine Financial Over Missing Client Money

Law360, New York (July 10, 2012, 1:03 PM EDT) -- The U.S. Commodity Futures Trading Commission hit futures broker Peregrine Financial Group Inc. with a fraud suit Tuesday claiming the company failed to maintain adequate customer funds in segregated bank accounts and can't explain a shortfall of more than $200 million.

The suit follows Monday’s emergency action by the National Futures Association action barring the company, also known as PFGBest, from trading for the same reason.

“From at least February 2010 through the present, PFG and Russell R. Wasendorf Sr., PFG’s chief executive officer and sole...
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