Founded in 1990 by Russell Wasendorf Sr., Peregrine Financial Group, Inc. (PFGBEST) was a futures brokerage firm headquartered in Cedar Falls, Iowa. It offered retail and institutional clients trading in futures, options on futures, foreign exchange (forex), and precious metals. For years, it was considered a significant player in the futures industry. However, in July 2012, the company collapsed spectacularly after it was discovered that Wasendorf had been embezzling customer funds for nearly two decades, amounting to over $215 million. The fraud was concealed by forging bank statements. Following the discovery, the company filed for Chapter 7 bankruptcy liquidation, and Wasendorf was sentenced to 50 years in prison, marking one of the largest and longest-running frauds in the history of the futures industry.

Founded in

United States