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BROKER-PFGBEST/MFGLOBAL
RTR36XFE
17 Aug. 2012
Exterior view of the Peregrine Financial Group headquarters... more
BROKER-PFGBEST/MFGLOBAL
RTR36XFE
17 Aug. 2012
CEDAR FALLS, UNITED STATES
Exterior view of the Peregrine Financial Group headquarters at One Paragon Way in Cedar Falls, Iowa, July 11, 2012. The U.S. futures industry reeled as Iowa-based broker PFGBest collapsed after regulators accused it of misappropriating customer funds for more than two years, dealing a new blow to trader trust just months after MF Global's demise. The Commodity Futures Trading Commission (CFTC), which along with industry regulators had given a clean bill of health to dozens of brokers following spot checks in January, alleged that the firm's regulated Peregrine Financial Group (PFG) unit and its owner had defrauded customers and lied to regulators in order to hide a shortfall that now exceeds $200 million. "The whereabouts of the funds is currently unknown," the CFTC said in a complaint against PFG and its founder and chairman, Russell R. Wasendorf Sr., whose suicide attempt on Monday morning outside the firm's Cedar Falls, Iowa, offices appears to have precipitated the crisis. REUTERS/Matthew Putney/Waterloo Courier (UNITED STATES - Tags: BUSINESS)
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