PFGBest the Latest Broker Scandal; Owner Attempts Suicide as $215M Goes Missing
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Yesterday Russell R. Wasendorf Sr. was found in his car near the headquarters of his company, Peregrine Financial Group Inc. (PFG). Wasendorf, a veteran of futures trader, is the target of a CFTC Complaint alleging fraud, misappropriation of customer funds, violation of customer fund segregation laws, and making false statements. Reports say Wasendorf is also the target of an FBI investigation.
According to the CFTC complaint, Wasendorf attempted to commit suicide yesterday. In the aftermath of that incident, investigators received information that Wasendorf may have falsified certain bank records.
According to recent audits, PFG falsely represented that it held in excess of $220 million of customer funds when in fact it held approximately $5.1 million. PFG assets have been frozen pending an investigation. PFGBest is an online, retail brokerage specializing in futures and foreign exchange trading. Last year SmartMoney Magazine rated as the best forex brokerage for customer service.
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According to the CFTC complaint, Wasendorf attempted to commit suicide yesterday. In the aftermath of that incident, investigators received information that Wasendorf may have falsified certain bank records.
According to recent audits, PFG falsely represented that it held in excess of $220 million of customer funds when in fact it held approximately $5.1 million. PFG assets have been frozen pending an investigation. PFGBest is an online, retail brokerage specializing in futures and foreign exchange trading. Last year SmartMoney Magazine rated as the best forex brokerage for customer service.
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