Accounts frozen at Iowa brokerage firm after $220M goes missing - KSFY News - Sioux Falls, SD News, Weather, Sports

Accounts frozen at Iowa brokerage firm after $220M goes missing

Posted: Updated:

CHICAGO (AP) - A regulatory group has ordered accounts frozen at Iowa-based brokerage Peregrine Financial Group and says it hasn't been able to account for $220 million in customer funds.

The National Futures Association said Monday that PFG could not demonstrate that it meets capital requirements and rules that require it to segregate customer funds. 

The association said it received information that PFG may have falsified bank records, and that the company only had about $5 million of $225 million it had claimed to have in a deposit account. 

Messages left at PFG's offices in Cedar Falls, Iowa, and Chicago were not immediately returned. 

The Chicago-based National Futures Association is an industry group that also serves a self-regulatory role.

 

 

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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