The CFTC has filed a complaint in US District court against US Bank, NA seeking disgorgement, civil monetary penalties and other relief connected to the unlawful use of PFGBest's customer segregated funds. The CFTC alleges that US Bank:
- Knowingly facilitated transfers out of PFGBest's customer segregated account which were not for the benefit of customers;
- Accepted PFGBest's customer segregated funds as security on loans made to Wassendorf, his wife and construction company;
- Treated the PFGBest's customer segregated account as the company's commercial checking account.
PFGBest customers will be heartened to know that, among other things, CFTC is seeking the following:
An order requiring that Defendant, as well as any of Defendant’s successors, make full restitution to each and every Peregrine customer whose funds Defendant improperly held in the 1845 Account, pursuant to such procedure as the Court may order, plus pre-judgment interest thereon from the date of such violations, plus post-judgment interest;
READ THE FULL COMPLAINT BELOW