If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*
Need Legal Help? Contact Us. Call +1 (888) 997-9956
Our law firm is investigating potential lawsuits on behalf of Peregrine Financial customers whose funds may have been misappropriated. The National Futures Association ordered accounts frozen at the Iowa-based brokerage on July 9, 2012, saying it hasn’t been able to account for $220 million in customer funds. This followed what the company said was a suicide attempt by its founder and chairman. In issuing the order to freeze Peregrine’s assets, U.S. District Judge Rebecca Pallmeyer said that it appeared there was “good cause” to believe the firm and its founder, Russell Wasendorf Sr., violated the federal Commodity Exchange Act. The NFA said on July 9, 2012 that Peregrine reported it had about $400 million in customer-segregated funds on or about June 29, of which $225 million was on deposit at U.S. Bank.
The US Commodity Futures Trading Commission also filed a Complaint against Peregrine, alleged that it committed fraud by falsifying information in filings and overstated the company’s bank deposits, leaving a shortfall that currently, and has previously since 2010, exceeded $200 million. The CFTC also alleged that Peregrine and Wasendorf used customer funds for purposes other than those intended by its customers, and said “the whereabouts of the funds is currently unknown.”
Further, our firm is looking into whether any introducing firms who maintained funds for clients at Peregrine may have failed to take action in the face of potential red flags which indicated possible violations by Peregrine.
To determine if you are eligible to file a claim or lawsuit to recover losses sustained with Peregrine, and to discuss the differences between securities arbitration and class action, please contact one of our securities attorneys for a free consultation.