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FBN’s Sandra Smith with the latest details surrounding Peregrine Financial.
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Great quote well the plot thickens in the saga of trading firm DFG best.
Parent company peregrine falcon group has filed for chapter seven bankruptcy -- -- joins the company with the latest add to this thing is getting.
A little a little bit crazier -- -- -- -- -- out that that's that's the latest that we -- this happened last night in federal court in Chicago.
-- we still know that the founder of this company still in the hospital in Iowa after he attempted suicide on Monday morning.
Their company has now filed for chapter seven bankruptcy.
Now says he still in the hospital his son Russell Watson -- junior who is also the head of the company while his father spin off in Iowa.
He signed off on the bankruptcy filing.
-- signed on behalf of his father.
What we learned from that particular filing is that paragon just the asset management arm -- -- he -- Has 500 million to a billion dollars in assets a hundred million to 500 million dollars in liabilities and ten point 5000 creditors obviously we're gonna see hunting and bring it isn't.
200 million dollars missing missing.
And we actually had -- EC TC commissioner Bart Chilton hot since -- DC one of the regulators along with the NFA the national futures association of the futures industry.
They're on the hook for this the fingers are pointed -- the regulars -- -- that.
Why -- they not accountable for where those customer funds -- they were told that there is over 200 million dollars on the books at US bank they found five there.
Those customer funds are still outstanding all those accounts are still frozen liquidation only my big question right now we talked about this on the Fox Business Network today as.
Why is it not part of all the regulation they're pushing for why is it that this year TC or the NFA which really should be -- at a bank.
Why -- it can be an -- not just go directly to the banks were those customer funds are supposedly housed.
Why can -- not just go to the bank and ask for proof of those customer funds on deposit.
Why did they nearly.
Look at it document provided by a futures firm and take that as -- goes on there.
And I think that the big question the commissioner Bart Chilton yesterday -- fox in this said.
-- that this money was essentially stolen those were his where it's.
You know Centre right away he's on the hunt for absolutely and then I -- a today yesterday and today your passion over this has been absolutely -- and -- what why you feel so so strongly about -- Because I want to defend the futures industry I think that that you can't look to.
This man was considered somewhat of a bad apple in that industry who is he was known as somewhat of a bully.
There's going to be differing opinions on that depending on who you talk to because he didn't get things for a few people in that industry.
But overall.
He was a guy over the past several years particularly who really pushed for the transparency in the regulation of this industry and heat.
And repeatedly defended the integrity of his firm and the futures industry and here he is the bad apple in the I don't want that to taint the entire and.
Well no matter what it will take that to some degree we -- what ballroom yeah we'll find out but obviously everyone's going to be -- -- with the same brush to a certain degree.
Senator thanks a lot look for the regulators around today their jobs -- some.
