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IOWA'S PEREGRINE BROKERAGE FIRM BEING INVESTIGATED
Jul. 11, 2012
BrownfieldAgNews reports:
The U.S. futures industry faces another potential setback following reports that Iowa-based brokerage Peregrine Financial Group (PFG) may be $220 million short in customer funds.
The National Futures Association says it received information that PFG may have falsified bank records and that the company only had about $5 million of the $225 million it had claimed to have in a deposit account.
The association, which is the futures industry's self-regulatory body, says it has taken an emergency enforcement action against PFG, which means the firm isn't allowed to accept any funds or place trades for customers.
According to the Financial Times web site, the FBI is now involved in the investigation.
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