February 04, 2015 BY Andrew Saks-McLeod
U.S. Bank NA held liable for PFG client fund misappropriation, ordered to pay $18 million in restitution
U.S. Bank NA was used as a depository for the funds of clients who had trading accounts with Peregrine Financial Group before its demise in 2012. In Summer 2013, the CFTC filed a complaint against the bank, charging it with improperly holding and using segregated funds of PFG customers by allowing PFG CEO Russell Wasendorf Sr to withdraw funds at will
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