Clients of suspended futures broker Peregrine Financial Group Canada Inc., are advised to examine their final account statements from the firm for possible issues.
Peregrine was suspended by the Investment Industry Regulatory Organization of Canada (IIROC) last month following the bankruptcy of its U.S. parent firm, amid allegations that about US$200 million is missing from its customer segregated accounts. Those allegations have not been proven, and IIROC has said that it appears all of the assets of the Canadian subsidiary’s clients are accounted for.
Nevertheless, IIROC suspended the Canadian firm, and it ceased dealing with the public, while it is being wound down.
IIROC said Thursday that Peregrine will be issuing final account statements, as of July 31, to its former customers. And, the regulator advises those customers to review their final account statements
carefully “to determine if there are any discrepancies or other issues with their accounts.”
Any claims from former Peregrine customers should be made in written notice, containing a description of the claim, to Peregrine and IIROC by November 1, it says.