ML-Implode News - In PFG Scandal, JPMorgan Chase Had Surprising Role: It Held Customer Accounts

JPMorgan, the country's biggest bank, held customer accounts for Peregrine, doing business as PFGBest. But in alleging that Peregrine took customer money, the National Futures Association and Commodity Futures Trading Commission have claimed that customer money is missing not from a JPMorgan account, but from a U.S. Bank account.
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JPMorgan has another connection to the PFG case: Robert Felker, chairman of JPMorgan Futures, is also a director on the board of the NFA, the self-regulatory body that is investigating the PFG case. It's an echo of JPMorgan Chase CEO Jamie Dimon's controversial role on the board of another regulatory body, the New York Fed.

And JPMorgan's involvement in the PFG case is also an echo of its involvement in the collapse of another brokerage firm, MF Global -- JPMorgan had some customer funds for that firm, too.

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In PFG Scandal, JPMorgan Chase Had Surprising Role: It Held Customer Accounts