BUSINESS

Peregrine Financial Group Files For Bankruptcy Amid Scandal

07/10/2012 08:49 pm ET | Updated Sep 09, 2012

July 10 (Reuters) - Peregrine Financial Group Inc, the regulated unit of the brokerage PFGBest, has filed to liquidate under Chapter 7 of the U.S. bankruptcy code, a court filing shows.

Tuesday's filing with the U.S. bankruptcy court shows that Peregrine has between $500 million and $1 billion of assets, between $100 million and $500 million of liabilities, and between 10,000 and 25,000 creditors.

A board resolution authorizing the bankruptcy was signed by President Russell Wasendorf Jr, who also signed on behalf of Chairman Russell Wasendorf Sr.

The resolution said Russell Wasendorf Jr was empowered to act for Russell Wasendorf Sr in the event the latter became incapacitated, under a power of attorney dated July 3.

Russell Wasendorf Sr attempted suicide on July 9.

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