Regulator: $220 Million Missing at Iowa Brokerage

Discussion in 'Wall St. News' started by SteveNYC, Jul 10, 2012.

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    By MICHAEL A. LEE AP Business Writer
    CHICAGO July 10, 2012 (AP)

    A regulatory group says it can't account for $220 million in customer funds at Iowa-based brokerage Peregrine Financial Group and has ordered the company's accounts frozen.

    In a statement to clients, PFG explained the action being taken by the National Futures Association. It also said its founder and chairman, Russell Wasendorf Sr., attempted suicide earlier Monday.

    PGF officials didn't return email and phone messages from The Associated Press.

    Attain Capital spokeswoman Lauren Nelson says her company has a "substantial amount" of business with PFG and is assessing its accounts. Nelson provided the PFB statement to the AP.

    The National Futures Association, which serves a self-regulatory role for the industry, says it received information that PFG may have falsified bank records and had about $5 million of $225 million it claimed.

    I saw this firm advertise in financial magazines. Looked legit but I guess looks could be deceiving.
  2. Wow, starting to get a little crazy out there
  3. m22au


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