No, it is not.
This Peregrine is PFG Best, headquartered in Cedar Rapids, Iowa. CEO Russell R. Wasendorf Sr. is reputedly a Republican.
Does PFGBest have ties to Illinois Gov’s Corruption Scandal?
December 9, 2008 at 01:52 pm
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Now that Wall Street and the United States financial system has imploded, and the ties between corrupt financiers, politicians, and the shenanigans of these crooks are well known to all of us, we’re left with many unanswered questions.
Public Corruption in Illinois:
Should Mr. Blagojevich end up in prison, he will join predecessors including the following:
Republican George Ryan, who is currently serving a 6 1/2-year stretch in federal prison for racketeering and fraud. Blagojevich, along with Sen. Richard Durbin, has publicly supported an appeal to the White House for the commutation of Mr. Ryan’s sentence.
Otto Kerner, a Democrat who was convicted in 1973 on 17 counts of bribery, conspiracy, perjury and other charges before being sentenced to three years in the pen. The federal prosecutor in that case, James Thompson, later ascended to the governor’s chair and wound up getting his law firm to defend Ryan for free.
Dan Walker was convicted in 1987 — years after leaving office — of bank fraud. Serving from 1973 to 1977, with a reputation as a reformer, he was the last Democratic governor of the state before Mr. Blagojevich took office in 2003.
Lennington Small, a Republican, served from 1921 to 1929. He was indicted while in office for embezzlement related to actions taken when he was state treasurer. He was later acquitted; several of the jurors in the case ended up with state jobs.
Also, in one infamous case further down the chain, a former speaker of the state’s House of Representatives and secretary of state, Paul Powell, was found after his death in 1970 to have had several million dollars in embezzled cash stashed in shoe boxes.
Mr. Powell, according to a Time magazine article at the time, had his own definition of success, believing that “there’s only one thing worse than a defeated politician, and that’s a broke one.”
Now that trillions of dollars are wiped from people’s 401K’s, pensions, and investments, the question as to who was watching the hen house is garnering more and more attention.
We have the alphabet soup of regulatory agencies that were supposed to be watching us, but who were they watching out for?
Firms like http:///www.http://www.pfgbest.com/ CEO, Russell Wassendorf, Sr.?
His campaign contributions into the Chicago Political machine where many of our major financial firms are located makes one wonder—is the stack of cards located against the investors?
On the other hand the Commodity Futures Trading Commission wants the public to be more informed of fraud and fraudulent claims by unscrupulous foreign exchange and other Commodity Firms:
Commodity Futures Trading Commission Forex Fraud
The Commodity Futures Trading Commission (CFTC) has witnessed increasing numbers, and a growing complexity, of financial investment opportunities in recent years, including a sharp rise in foreign currency (forex) trading scams. A federal law enacted in December 2000, called the Commodity Futures Modernization Act of 2000 (CFMA), makes clear that the Commission has the jurisdiction and authority to investigate and take legal action to close down a wide assortment of unregulated firms offering or selling foreign currency futures and options contracts to the general public.
In addition, the CFTC has jurisdiction to investigate and prosecute foreign currency fraud occurring in its registered firms and their affiliates.
How about Peregrine Financial Group’s acquisition of American National Trading aka the “ANTC” Group?
A cursory review of American National would reveal that their main principals and firm was alleged to be in violation by the National Futures Association of:
C.R.2-2(a) - CHEAT,FRAUD DECEIVE CUSTOMERS C.R.2-9(a) - SUPERVISION OF EMPLOYEESC.R.2-29(a)(1) - FRAUDULENT COMM. TO PUBLIC PROHIB
Gee, how inspiring.
But, nonetheless, Peregrine Financial Group, announced that: “PFG and ANTC are joining forces to better serve ANTC’s customers,” said PFG Chairman and Chief Executive Officer Russell R. Wasendorf, Sr. “There are so many synergies, and we believe there will be significant benefits to ANTC customers.
Synergies? Benefits? So Many?
Really.
From a very cursory public regulatory records search—which doesn’t include any civil or criminal complaints—there appears to be over 40 customer complaints with either the National Futures Association and/or the Commodity Futures Trading Commission against Peregrine Financial Group alone.
Not very inspiring of “trust” is it?
The future of our ability to invest with confidence and trust, and to believe what our capital market Financial Firms do, is how they perform, or what they don’t perform.
Based on the recent meltdown in the large New York and Chicago Securities and Financial Firms, that appears to have been replaced with a culture not only of greed, but of our collective ennui.
As to Mr. Wasenforf, Peregrine Financial, and other of his companies, how many times have they not had enough capital to legally operate one must wonder why they’re still in business?
Quite a few actually. Are they using our trust monies to gamble with?
Are there any connections between Wasendorf, Tony Rezko, or the indicted Illinois Governor?
Time will tell.
But for a firm that was allegedly started in a “basement” the fact that Wasendorf’s firm, Peregrine, sues all of his clients that his company loses money on behalf, is surely a clue to be aware of that these guys are no different than many of the others that have lost the public trust.
Which other companies, people, and politicians are next in line to be found liable in this unbelievable Chicago corruption?
Close but, actually, it's Cedar Falls.