Thursday, 18 December 2014
Last updated 14 hours ago
Aug 28 2013 | 12:05pm ET
When running a multi-decade fraud, it helps to have an auditor who looks the other way. Bernard Madoff had one, and so, it seems, did Peregrine Financial Group’s Russell Wasendorf.
The Commodity Futures Trading Commission has permanently barred Peregrine’s accountant, Jeannie Veraja-Snelling, saying her failure to properly audit the collapsed futures brokerage allowed Wasendorf to steal some $215 million from clients. In her final audit of the firm for 2011, Veraja-Snelling reported some $522 million in customer funds on deposit. When Peregrine fell apart seven months later, $190 million of it was missing.
“As the Peregrine debacle shows, the importance of the independent accountant’s gatekeeper function cannot be overstated,” CFTC enforcement chief David Meister said.
Veraja-Snelling audited Peregrine for a decade, and despite proclaiming that she did so “in accordance with U.S. generally accepted accounting standards,” failed to live up to any standards, the CFTC alleged.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.