Looks like we have another MF Global on our hands. Peregrine Financial Group, a one-man operation run by Russell Wasendorf, ripped off its clients to the tune of hundreds of millions of dollars, as reported by Reuters. While smaller than the MF Global or the Bernie Madoff scams, on all other levels it’s pretty similar.
|By: David Dayen Wednesday July 11, 2012 7:20 am|
|By: Phoenix Woman Saturday March 24, 2012 6:45 am|
Faith-based, Bachmann-allied, and Bradlee-Dean-friendly local Christian antidrug group Minnesota Teen Challenge has talked a Republican state legislator into trying to give it a few million in free money.
|By: David Dayen Wednesday February 23, 2011 3:05 pm|
We have already heard about JPMorgan’s travails with Bernie Madoff’s Ponzi scheme. A recent report identified JPMorgan as complicit in the Madoff scheme, and potentially liable in a civil lawsuit. According to emails and documents, JPMorgan apparently knew something was amiss with Madoff’s performance figures but never reported the crime to the SEC. Some lawsuits have already been filed. In addition, JPMorgan sold certain derivatives links to Madoff’s returns, giving them a major financial incentive not to disrupt the scam, off of which they profited.
Now we’re learning about how Citi was connected to the Madoff scheme as well, from a report by the same trustee who busted JPMorgan Chase.