Peregrine Financial Group: Misappropriating Customer Funds
Wits Business School

Peregrine Financial Group: Misappropriating Customer Funds

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CASE STUDY. In early July 2012, the United States Commodity Futures Trading Commission (CFTC) filed a federal lawsuit against Peregrine Financial Group In. c(PFG), a futures trading firm, and its founder Russell Wasendorf.

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Peregrine Financial Group: Misappropriating Customer Funds: Abstract

Peregrine Financial Group: Misappropriating Customer Funds is a case study by Chijioke Oji, Viola Makin and Amanda Bowen.

In early July 2012, the United States Commodity Futures Trading Commission (CFTC) filed a federal lawsuit against Peregrine Financial Group Inc. (PFG), a futures trading firm, and its founder Russell Wasendorf. The CFTC accused PFG and Wasendorf of fraud, violating customer funds amounting to US$215 million and submitting false financial reports to the National Futures Association (NFA), which operated under the CFTC’s supervision. PFG faced liquidation and Wasendorf, if found guilty, faced a fine or a jail sentence.

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The purpose of this case is to generate discussion and learning on ethics and corporate governance.

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