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July 10, 2012
CPO Response Required
FOR COMMODITY POOL OPERATORS - A RESPONSE IS REQUIRED FROM CPO MEMBERS WITH ACCOUNTS AT PEREGRINE FINANCIAL GROUP INC.
On July 9, 2012, National Futures Association (NFA) took an emergency enforcement action against Peregrine Financial Group, Inc. (PFG) and Peregrine Asset Management, Inc. (PAM). NFA deemed this action necessary to protect customers because PFG is unable to demonstrate that it can meet its capital requirements and segregated funds requirements, and because NFA has reason to believe that PFG does not have sufficient assets to meet its obligations to its customers. The CFTC has also filed a complaint in the United States District Court for the Northern District of Illinois against PFG and its owner, Russell R. Wasendorf, Sr. alleging that PFG and Wasendorf committed fraud by misappropriating customer funds, violated customer fund segregation laws, and made false statements in financial statements filed with the Commission.
In light of these events, NFA is requiring all CPO Members with pool accounts held at PFG to provide NFA with a notice of the following information:
CPO members must provide this information to NFA by sending an email to CPOInfo-PFG@nfa.futures.org within 48 hours of receiving this notice.
Any questions regarding this request should be directed to: