Exchange shorts for Thursday, November 20, 2014.
This was no small fraud. Coming on the heels in the MF Global debacle, it threatened the entire futures industry structure. One fraud and violation of customers segregated funds is an anomaly, two might be considered a trend.
It’s ironic that I’m writing this on the day the insurance study commissioned by the industry after the MF Global and PFG blow ups was released. Ironic because if implemented in some form, it would mean more costs and more rules for futures commission merchants (FCMs) and probably their customers.
December Editor's Note from Ginger Szala.
The Commodity Futures Trading Commission today approved rule amendments to enhance customer protection at futures commission merchants.
This week's round up of enforcement actions taken include finally taking action against PFG accountant
CFTC permanently bars accountant, Jeannie Veraja-Snelling, for failing to properly audit Peregrine Financial Group, Inc.
PFG's banker U.S. Bank finally gets CFTC attention, injunction
CFTC files complaint against U.S. Bank, N.A. alleging unlawful use of Peregrine Financial Group, Inc.’s customer segregated funds and violation of customer segregation laws.
How can we be assured seg funds are safe? Take a page from the securities site and introduce the Tri-party system.