CFTC's $645M Peregrine Fine Wins Judge's Approval

Law360, Chicago (April 30, 2014, 3:14 PM EDT) -- The U.S. Commodity Futures Trading Commission received an Illinois federal judge's blessing on Tuesday to fine bankrupt Peregrine Financial Group Inc. and its imprisoned founder $645 million for the brokerage firm's nearly 20-year fraud scheme.

At a court hearing in Chicago, U.S. District Judge Rebecca R. Pallmeyer signed off on the civil monetary penalty, which is around three times the $210 million that Peregrine and its founder, Russell Wasendorf Sr., misappropriated from the firm's customers.

The government, however, isn't likely to recover any of that eye-popping sum due to Peregrine's bankruptcy.

The CFTC has agreed to subordinate any claim in the...

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