Who is the auditor for peregrine financial group

Eliminating duplicate and disputed claims — such as those by general creditors who attempted to be classified as futures customers so they could receive preferential treatment under the bankruptcy laws — has been a time-consuming process.

Still pending is a suit filed by the CFTC against US Bank, alleging that the bank was negligent in allowing Wasendorf to use customer funds as security against loans for:. Readers can read the complete details here. In the MF Global bankruptcy, several legal settlements with major financial institutions allowed customers to recover cents on the dollar. In contrast, PFG was a much smaller firm, so there are fewer avenues for recovery and most of the damage was done by Wasendorf, whose assets were sold early in the bankruptcy process.

Despite all the safeguards built into the system, determined criminals always seem to find ways to get around the rules. The MF Global failure was the eighth-largest bankruptcy of all time and involved some prominent individuals, all of which helped to keep the customer funds issue on the front page. But since the final MF Global payments were made, protecting customer funds in a brokerage firm failure has dropped out of sight as priority issue.

A four-part series of farmdoc daily articles January 15, ; January 24, ; February 5, ; February 26, describe various proposals to better protect customer funds, and like all proposals each has its own strengths and weaknesses.

Unfortunately, it appears that the opportunity to fix this issue is slipping away. This also happened in the late s, when interest in making industry-wide changes faded away and the underlying problems were left unaddressed, only to reappear in It should be emphasized that the vast majority of brokerage firms and employees are law-abiding and ethical, and situations like PFG and MF Global are rare events. But without any substantive progress to better safeguard customer funds, customers are being left to fend for themselves.

Peterson, P. Disclaimer: We request all readers, electronic media and others follow our citation guidelines when re-posting articles from farmdoc daily. Guidelines are available here. The farmdoc daily website falls under University of Illinois copyright and intellectual property rights.

Close extra sharing options. For reprint and licensing requests for this article, click here. Tax-related court cases. Tax Fraud Blotter: Bad policies. By Jeff Stimpson. FASB eases discount rate guidance for nonpublic lessees. By Michael Cohn. Taxpayer Advocate no longer helping with amended returns. The backlog of unprocessed returns has prompted the TAS to reject requests for assistance where the only issue involves amended returns.

Practice management. CPAs put a lot of time and effort into guiding their clients to financial success, but that work can come at a cost. By Justin Hatch. The tax compliance software developer is aiming to fund product innovation and meet growing demand. By Daniel Hood.