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HomePeregrine Financial Fraud: What Shocks Me
Posted by Larry Doyle on July 20th, 2012 7:26 AM |
After close to four years of tracking and highlighting stories of financial frauds and accompanying regulatory failures, I am not easily shocked. The other day while reading of the news surrounding the fraud and failure of the Peregrine Financial Group in Cedar Falls, Iowa, I was shocked.
We now know the fraud at Peregrine was carried out over a 20 year time period. Excruciatingly painful for Peregrine’s customers? No doubt. But in light of all we have learned about our captured regulators, is this shocking? Regrettably, no, it is not.
Peregrine’s owner and CEO Russell Wasendorf maintains he perpetuated this fraud on his own. Is this to be believed? Not on its face, but this assertion alone does not shock me.
I “would” be shocked to think that there are not other Peregrine-type frauds out there. Why is that and what truly shocks me about this situation at Peregrine? (more…)
