Washington – Federal regulators
accused Iowa-based commodities broker PFG Best of misappropriating
client funds today following a public suicide attempt by Russell Wassendorf, Sr., the firm's
founder and chairman outside its Cedar Rapids headquarters.
The Commodities Futures Trading Commission suspended trading and
filed a formal complaint alleging the broker commingled $200 million in segregated customer funds with operating capital, a similar
violation to that of MF Global, which is unable to account for $1.6
billion.
The complaint echos a report by the National Futures Association
issued on Monday, which reported that PFG's claim of holding $225
million in 1,845 customer accounts was false, that the company only
held about $5 million in the segregated customer accounts.
Tuesday, July 10, 2012
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