Agricultural News
CME Group Responds to PFG Chief's Theft of Customer Funds
Mon, 16 Jul 2012 09:45:38 CDT
The CME Group responded to admissions last week by Russell Wasendorf, Sr., CEO of Peregrine that he had stolen more than $100 million from his company's clients. Wanderdor was arrested by the FBI. CME issued the following statement:
"We are appalled by the recent violations of customer segregated funds that have shaken the very core of our industry. These breaches of trust are completely unacceptable not only to CME Group but also the businesses and individuals who rely on these markets to manage their risk. Without question, the current system in which customer funds are held at the firm level must be reevaluated. CME Group is committed to working with Congress, CFTC, NFA, FIA and market participants to restore confidence in derivatives markets."
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