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Tuesday
Jul102012

CFTC Sues Peregrine, Alleges Ongoing 2-Year Fraud

Either the CFTC has known about potential fraud at PFG since 2010, or they've been poring over the books for the last 20 hours and just discovered it.

Which sounds more plausible to you... ?

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WSJ

WASHINGTON—An alleged fraud and misappropriation of customer funds by futures merchant Peregrine Financial Group Inc. started more than two years ago, according to a lawsuit filed Tuesday by federal regulators.

"In the wake of MF Global, this latest failure raises serious questions about our current regulators and whether they are capable of doing their jobs," said Sen. Richard Shelby, ranking Republican on the Senate Banking Committee.

The FBI is also conducting an investigation.

In the aftermath of Mr. Wasendorf's reported suicide attempt, the CFTC and National Futures Association received information indicating that Mr. Wasendorf "may have falsified certain bank records," according to the complaint by the CFTC, which said it is seeking restitution and civil monetary penalties. Mr. Wasendorf "failed to segregate customer funds and misappropriated those funds," the CFTC alleges.

The CFTC said there were shortfalls in customer accounts since at least February 2010.

Peregrine told the National Futures Association in a July audit that it had $220 million in customer funds, when there was actually only $5.1 million, the CFTC alleges in the complaint filed in the Chicago-based U.S. District Court.

CFTC Chairman Gary Gensler said Tuesday at a scheduled meeting that the agency should pass rules that "further enhance segregation of customer funds," adding that his staff is working on "recommendations on enhanced internal controls and transparency" for customer money held by futures firms.

"If somebody is going to defraud their regulators, effectively lie, we're going to vigorously pursue that and that's what you're seeing here," Mr. Gensler said after a CFTC meeting.

Continue reading...

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Related:

PFGBest: The Corporate History

Read the CFTC Complaint

PFGBest’s Wasendorf Was a Mouthpiece for Futures Industry

In a 2008 letter to the editor of The Wall Street Journal, PFGBest Chairman and CEO Russell Wasendorf Sr. argued against higher capital requirements for foreign currency brokerages, a move he said would hurt small firms and harm investors

 

 

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Reader Comments (6)

For Some PFG Customers: 'It's MF Global All Over Again'

http://online.wsj.com/article/SB10001424052702303343404577519140740167170.html
Jul 10, 2012 at 5:38 PM | Registered CommenterDailyBail
Jul 10, 2012 at 5:39 PM | Registered CommenterDailyBail
I HAVE INFO FOR ANYONE WHO WANTS TO SUE THE NFA

http://www.barnhardt.biz/
Jul 10, 2012 at 9:30 PM | Unregistered CommenterLiberatedCitizen
another ZIOTURD rips off the stupid GOYIM who trusted his sorry ass. whollly covered by the F.B.I., who's main function in life is to 'anus scan' people with their unwarranted surveillance techniques and NOT prosecute white collar crime.

go figure.
Jul 11, 2012 at 12:56 AM | Unregistered CommenterMOVE ALONG NOTHING TO SEE MOVE ALONG
When MF Global went down last Fall, I know for a fact that it had customers who got totally fleeced despite holding silver warehouse receipts from the company. As we all learned, after absurd yarns from the likes of the Wall Street Journal about "vaporized" funds, the money ended up at JP Morgan.

PFG went down due to wholesale accounting fraud yesterday, and now we hear again, from a guy on Capital Account, that his company, which was involved in the precious metals market, can't get its money:

http://market-ticker.org/akcs-www?post=208421 (go to the 4:44 mark)

And, once again, we find out that JP Morgan was the custodian for PFG's FX accounts:

http://www.zerohedge.com/news/pfgbest-now-mf-global-part-2-220-million-segregated-client-money-has-just-vaporized

Look, if it's not obvious by now, here's a mental picture for you: when you see Jamie Dimon, you're looking at a flannel shirt, an ax with a stream of blood pouring onto the floor, and a hockey mask with two bright red orbs behind it, okay? The company is a fucking serial killer that absolutely will not stop until it steals EVERYTHING.

And if you think anyone in authority is going to do anything about JP Morgan's criminal rampage, you might want to review the tapes of the House members and Senators competing to gum Dimon's junk down their throats for 2 days. Get as far as humanly fucking possible away from JP Morgan Chase.
Jul 11, 2012 at 1:23 AM | Unregistered CommenterCheyenne
How'd you like to be this guy? He had $250,000 in an account with MF Global, but had either the foresight or the luck to get it out of MFG a month before Jamie Dimon cleaned out all of its customers' safety deposit boxes. Problem was, the poor guy unwittingly gave Dimon a 2nd bite at the apple by moving his stash into PFG Best. Annnnnnd scene--

http://www.huffingtonpost.com/2012/07/12/pfg-mf-global_n_1666708.html?utm_hp_ref=mostpopular
Jul 13, 2012 at 12:13 AM | Unregistered CommenterCheyenne

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