Peregrine Financial Group Inc. (PFG) filed for Chapter 7 relief amidst allegations of fraud and misappropriation of customer funds July 10 in the U.S. Bankruptcy Court for the Northern District of Illinois (In re Peregrine Financial Group Inc., Bankr. N.D. Ill., No. 12-27488).
Russel Wasendorf Sr., the company’s chief executive officer and chairman of the board, admitted to acts of fraud he committed over the past 20 years through PFG in a signed statement that was found on July 9 in conjunction with Wasendorf’s apparent suicide attempt.
Criminal Charges.
A criminal complaint was filed against Wasendorf July 11 ...
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