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In the wake of Peregine Financial and MF Global scandals, many farmers are losing faith in commodities brokerages they used to rely on. Regulators and futures industry leaders are hoping to restore confidence with increased oversight and account insurance.
The allegations against brokerage firm Peregrine Financial shed light on weak regulations of the futures industry. Analysts point to MF Global missing funds similarities.
Last night, Peregrine Financial filed to liquidate under Chapter 7 of the bankruptcy code, amid accusations from federal regulators that Peregrine defrauded customers and hid losses.