Saturday, 20 September 2014
Last updated 17 hours ago
Aug 21 2012 | 10:18am ET
Peregrine Financial Group founder Russell Wasendorf may have already confessed to running a $200 million fraud, but in court, he wasn't ready to make any such admission.
Wasendorf, who was arrested last month as PFG collapsed, pleaded not guilty to 31 counts of lying to regulators on Friday. Wasendorf has been held in prison since his arrest and attended the 10-minute hearing in Cedar Rapids, Iowa, federal court in an orange prison jumpsuit and in shackles. He is the only person who has been charged in the futures brokerage's failure.
Wasendorf attempted to commit suicide as his alleged fraud unraveled. Investigators found a confession apparently written and signed by Wasendorf in which he admits he "committed fraud" and "cheated," and lambasted regulators for harassing him.
The note also allegedly includes the admission that he took "more than $100 million" in client money to shore up the firm, pay fines and fees, and build PFG's new Cedar Falls, Iowa, headquarters.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.