Peregrine Execs Accused Of Commingling Funds In New Suit

Law360, New York (July 16, 2012, 7:47 PM EDT) -- A Peregrine Financial Group Inc. customer filed a class action in Illinois federal court Friday accusing executives of the now-bankrupt futures broker of commingling firm and customer funds, the same day the FBI charged the firm's CEO with lying to regulators about its $200 million shortfall.

Peregrine investor-client Michael LaSalvia says PFG chief Russell Wasendorf Sr. and other firm executives flouted federal law and U.S. Commodity Futures Trading Commission regulations by mixing and misappropriating customer investments, actions that were uncovered by a CFTC investigation earlier this...
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