The Peregrine Fraud Case Is Worse Than You Thought

Gary Gensler, chairman of the Commodities Futures Trading Commission (CFTC), testifies to the Senate Agriculture Committee in Washington, D.C. Photograph by Joshua Roberts/Bloomberg

Just when you figured the details of the Peregrine fraud case couldn’t get any worse, evidence is emerging that not only paints regulators as even more inept than first suspected, but also indicates that officers at the Iowa-based futures brokerage had reason to believe their boss was stealing customer money.

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