CFTC Files Complaint against U.S. Bank Alleging Unlawful Use of Peregrine's Customer Segregated Funds and Violation of Customer Segregation Laws

The CFTC filed a complaint against U.S. Bank for unlawfully using and holding Peregrine Financial Group's customer segregated funds. The complaint alleges that U.S. Bank unlawfully accepted Peregrine's customers' funds as security on loans it made, and that U.S. Bank improperly held Peregrine's customers' funds in an account which it treated as Peregrine's commercial checking account.

See: Complaint: U.S. Bank, N.A.
See also: CFTC Press Release.