August 13, 2020

PwC Forensic Experts to Determine How Much Money PFGBest Customers Won’t Be Getting Back

The bright side in all this is…oh, let's face it: when your broker's auditor is in jorts, the situation is hopeless:

Peregrine Financial Group's bankruptcy trustee has hired a team of forensic accountants to help figure out what remains at the failed futures brokerage after its CEO's arrest and confession to years of stealing from customers. PricewaterhouseCoopers was hired over the weekend and started work on Monday, Ira Bodenstein, the trustee, told Reuters on Wednesday. Their task is to secure data and gather information, he said. […] The hiring of PricewaterhouseCoopers suggests the trustee is seeking independent confirmation of how much money is actually at the firm and in customers' accounts, a first step before any money can be released. 

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