he founder of US futures broker Peregrine Financial Group has pleaded guilty to a fraud involving 24,000 customers in the US state of Iowa. The embezzlement, totalling over 100 million dollars began about 20 years ago. Russell Wasendorf Sr, who is 64, was once regarded as a noble figure who supported a range of institutions from health care to universities. He now faces at least 24 years in jail. In court, Wasendorf pleaded guilty to charges including mail fraud, embezzling customer funds and making false statements to two regulatory agencies

The Union Minister for Corporate Affairs Veerappa Moily called upon Corporate Houses to put in place a Self regulatory mechanism to check corporate frauds. 
He was speaking at the national symposium on ‘State of corporate fraud control in India’ organised by trade association ASSOCHAM in Bangalore today.

He said self regulation will help early detection of fraud and help Regulatory body to be set up by the Government to check fraud and gain investors’ confidence. 

The minister informed that an Amended Companies Bill to be presented in the Monsoon session of Parliament, will bring drastic changes in Corporate governance.

He said bill envisages creation of the Serious Fraud Investigation Office, Special courts to deal with corporate offences and establishing business intelligence Unit with its own forensic labs to collect and analyse corporate digital datas.

Mr.Moily further informed that his ministry is planning to overhaul its e-Governance program MCA 21 to check corporate frauds. He said the new version will help early detection of fraud and early prosecution of the defaulting companies.