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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!