Peregrine Financial Group

PFG's 2012 collapse from CEO fraud reveals how single-person control enables theft. Russell Wasendorf Sr. stole $200 million over 20 years through fake bank statements and forged documents. Regulators and auditors never detected the fraud because Wasendorf controlled all access. Like an organism whose central nervous system has been hijacked, PFG functioned normally while being systematically drained.