New York, September 18 (FinanceEnquiry.com) – Russell Wasendorf Sr, son of Peregrine Financial Group Inc has filed a lawsuit against the company’s bank and charged that they failed to properly supervise the movement of customer funds.
President of Peregrine, Russell Wasendorf Jr and his wife has also allege that that Mr. Wasendorf Sr had helped in covering up the years long fraud that shook US futures industry.
On Monday, Mr Wasendorf Sr pleaded guilty to charge of mail fraud, embezzlement and misleading government regulators by following a plea agreement struck with government prosecutors last week.
He had to be released before his sentencing until assistant US attorneys raised concerns that Mr Wasendorf Sr was a flight and suicide risk and prompted a judge to further consider the issue.
A spokesperson for the bank, US Bank, a unit of US Bancorp said that Mr. Wasendorf Jr.’s lawsuit was entirely without merit and an outrageous attempt by the Wasendorfs to deflect the blame and financial obligations from the collapse of Peregrine caused by Mr. Wasendorf Sr’s criminal activity and the failure of their own management and internal controls.
The lawsuits raised questions over May 2011 audit of Peregrine by the National Futures Association, which is an independent regulatory body. During the audit, the Peregrine staff was asked to supply account information directly to NFA auditors, through which it was proved that the firm held around $7.2 million in a customer account.
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