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U.S. Bank Pays $18M Settlement for Alleged Lax FCM Oversight

February 11, 2015 by Ryan Boysen

A federal court has ordered U.S. Bank to pay $18 million to customers of Peregrine Financial Group (PFG), the now-bankrupt futures commission merchant (FCM) accused of defrauding its customers of more than $200 million, allegedly in part because of lax controls at U.S. Bank that allowed the fraud to go unnoticed. The episode highlights the… Read More >>

Filed Under: General Interest, AML/Fraud/Financial Crime, Industry News Tagged With: CFTC, customer segregated account, FCM, John Needham, Peregrine, U.S. Bank

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