Regulators Failed Peregrine Investors, CFTC Chief Tells Sens.

Law360, New York (July 17, 2012, 2:23 PM EDT) -- Commodity and futures regulators failed customers of Peregrine Financial Group Inc., which unraveled earlier this month amid a $200 million shortfall and a $100 million embezzlement scheme carried out by the firm’s founder, the industry’s top U.S. regulator told a Senate panel Tuesday.

U.S. Commodity Futures Trading Commission Chairman Gary Gensler told the Senate Committee on Agriculture, Nutrition and Forestry that regulators were still trying to figure out how Peregrine founder and CEO Russell Wasendorf Sr. was able to carry out his 20-year scheme under the...
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