U.S. Bank NA has agreed to pay $18 million for customers who lost money as a result of former Peregrine Financial Group Inc. CEO Russell Wasendorf $215 million embezzlement scheme. The agreement closes the book on allegations by the Commodities Futures Trading Commission the bank was complicit in the Wasendorf fraud. The deal was reached in Mid-December but details just released this week.
The settlement amount, which is about half of what the CFTC had sought, will be paid to the bankruptcy trustee who is in the process of winding down the commodity firm's affairs.
If you believe you have been the victim of broker negligence or fraud, contact the experienced securities fraud attorneys at Colling Gilbert Wright & Carter.