NFA refunds PFGBest fine; Wasendorf pleads guilty

CFTCLaw.com reports that the NFA has returned a $700,000 fine charged in February to PFGBest, in a gesture intended to help PFGBest’s former clients and other creditors recover more of their funds. The $700,000 fine was unrelated to the $200+ million fraud that caused the firm to fail.

It also appears that, after initially pleading not guilty in a court appearance in August, former PFGBest Chairman and founder Russell Wasendorf Sr. has now agreed to cooperate with prosecutors and plead guilty to mail fraud, making false statements to regulators and embezzling customer funds. According to the plea agreement, Wasendorf could be sentenced to up to 50 years in prison.

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