Proverb 28:20
A faithful man shall abound with blessings: but he that makes haste to be rich shall not go unpunished.
1 Timothy 6:10
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
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Feds Arrest Peregrine CEO After $215 Million Goes Missing
by Halah Touryalai, Forbes Staff, 7/13/2012
Four days after attempting suicide the CEO of now bankrupt Peregrine Financial Group was arrested and charged for lying to regulators about the firm’s finances.
Russell Wasendorf, Sr. was arrested and charged today after his futures brokerage filed bankruptcy this week. The arrest comes after regulators accused PFG of fraud, misusing of client money, violating customer fund segregation laws and making false statements about its finances.
To make matters worse, roughly $215 million in client assets are missing amid the mess. This is the second time a futures brokerage has been hit with a financial scandal resulting in lost customer funds.
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