Vedder Thinking | News Vedder Price Appointed Receiver in Peregrine Federal District Court Matter
Vedder Price Shareholder Michael M. Eidelman has been appointed Receiver for Russell R. Wasendorf Sr. by the United States District Court for the Northern District of Illinois in the case US Commodity Futures Trading Commission v. Peregrine Financial Group, Inc. and Russell R. Wasendorf, Sr., Case No. 12-cv-05383. Vedder Price Shareholder Randall M. Lending and Associate Brooke E. Conner have been retained as counsel for Mr. Eidelman as Receiver for Wasendorf Sr.
The CFTC alleges in its lawsuit filed on July 10, 2012, that Wasendorf Sr., the CEO of PFG, falsified certain records and lied to the CFTC about the amount of client funds being held in certain accounts with a US based bank. The CFTC alleges that more than $200 million may be missing from client funds as a result of Wasendorf Sr.'s wrongdoing. The Receiver is working closely with various law enforcement officials, regulators, the bankruptcy Trustee for PFG and others to help locate, preserve and secure assets of Wasendorf Sr. and non-PFG entities owned and/or controlled by Wasendorf Sr. consistent with July 17, 2012 Amended Order Appointing a Temporary Receiver.