Month: July 2012

Know Your Auditor

I was just reading that another fraud in the financial arena went undetected for over 20 years.  This time Peregrine Financial Group (aka OFG Best) filed Chapter 7 bankruptcy on July 7, 2012, after being sued by the US Commodity Futures Trading Commission.  The founder, Russell R. Wasendorf, Sr., who […]

Know Your Customer Rule

In November 2010 the Securities and Exchange Commission (SEC) approved two new consolidated FINRA rules governing know-your-customer (Rule 2090) and suitability (Rule 2111) obligations of broker-dealers.  These rules were to take effect on October 7, 2011 but were extended until July 9, 2012. What this means for a broker-dealer and […]

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