Peregrine Financial Group brokerage said to be $220 million short in customer funds

Representing Investors Nationwide

The U.S. Commodities Futures Trading Commission (CFTC) filed a complaint against brokerage Peregrine Financial Group (PFG) on Tuesday July 10 and the National Futures Association (NFA) ordered accounts frozen at Iowa-based firm. An NFA spokesperson said the firm, saying it hasn’t been able to account for $220 million in customer funds. The audit came after what was belived to be a suicide attempt by its founder and chairman Russell Wasendorf Sr.

The NFA said it received information that PFG may have falsified bank records to cover up a shortfall of approximatley $220 millions dollars in customer funds and the company could not meet its minimum capital requirments.

The Attorney’s at Colling Giblert Wright & Carter are currently investigating the PFG situation to determine if there is a viable avenue for recovering investor losses. Stay tuned.