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August 2, 2012

Des Moines Register: Regulator: Peregrine case is isolated event

” Peregrine Financial Group’s primary regulator says a continuing review of 25 similar firms has uncovered no evidence of the tactics which allegedly led to the theft of $220 million at the Cedar Falls futures brokerage.

“We’re 80 percent of the way through the review and all of the accounts are in order so far,” Dan Roth, president of the National Futures Association, said Tuesday. “We haven’t found any discrepancies like the ones that existed at Peregrine.”

Fears that more Peregrine scandals are lurking had partly spurred the National Futures Association’s review. Roth is expected to testify today at a Senate Agriculture Committee hearing, where lawmakers will demand more answers about what should be done to ensure the integrity of the U.S. futures markets.

“People’s confidence levels should be low until they see aggressive regulators catching people before they’ve been getting away with a crime for 20 years like this,” said Dennis Kelleher, chief executive officer of Better Markets Inc., a group lobbying for tighter government scrutiny of financial markets. “People should have a healthy skepticism of self-interested statements by the futures industry’s self regulatory organizations.” “

Read full story from the Des Moines Register here

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