[ by Melanie Gretchen and Howard Haykin ] Futures trading firm Peregrine Financial Group unraveled before anyone knew who they were.  But what set them apart - what got them mentioned in the same breath as MF Global (shudder to think) is that that $200 million of customer funds disappeared without a clear explanation. Since the firm seeks to dissolve the firm, we'll soon have accounting and know whether the frauds at Peregrine went beyond the known $200 million. The story broker on July 8and C-I immediately identified the company as "PFGBest: Son of MF Global".  Somewhat shortsighted, we admit, because the 2 cases played out vastly different scenarios.  And even the tagline, "PFGBest was fictitious. Peregrine operated its fraud over as many as 20 years.  MF Global operated its so-called alleged fraud over a matter of weeks - during which time the firm operated on life support.  With its collapse imminent,  traders, executives and anyone within shouting distance did what they could to close out positions, cover margin calls, operating as though they were in the overtime of a soccer match and everyone knew the referee could blow the closing whistle at any moment. It must have been pure adrenaline, stress and anger, all of which provided the perfect environment for taking shortcuts - there really wasn't time to consult the rulebooks or all the inventory records.  If tomorrow came, all would return to "normal" and the firm would go back to operating by the rulebooks - and during breaks, could supposedly atone for its sins. Yet, did anyone really have to be told that .... "desperate times required desperate actions."  They didn't, and so variances from daily protocol or from the rulebooks would be permitted - just so long as it was done in the name to keep the firm alive - another hour, another day - and save the lives of all employees.  Because, if the firm failed ,it didn't matter what they had done.  Everything was going to be wiped out - or so they thought.  And if the firm survived, well, then they'd have to look back and somehow justify what was done. Above all, everyone understood that they stood together on this "mission" - they would either win or lose as a firm.  So what ever happened in-house - was said or took place - was destined to stay in-house.  One-for-all, all-for-one, that's just how it had to be.  Somehow, it just seemed right. One Common Denominator. Having flushed out the differences, the 2 firms were brought together under one common denominator - both were missing customer funds when the dust settled.  It surprised most, including the regulators, who had no idea.  And since customer funds in the futures industry are not insured, well, isn't appropriate that everyone shares in the loss? They said God created the world in 6 days.  Peregrine created a lasting reputation in those same 6 days – 7/8 to 7/13.  Compliance Insights tracks the frenzied discoveries, concluding with confessions and dissolution. ♦ A Loophole Big Enough To Lose a Billion.  [6/22] – If nothing else, the collapse of MF Global has made one thing clear: The nothing that customer assets were safe was a sham. ♦ Futures Brokerage Freezes Accounts.  [7/10] – The U.S. futures industry faced another potential setback on Monday after a midsize broker froze client accounts, disclosed that its founder had been hospitalized following a suicide attempt and faced closure after being accused of misstating financial records. ♦ Regulators Investigating Collapse of Brokerage Firm.  [7/10] – After the failure of the futures brokerage firm MF Global left customers missing more than $1 billion, regulators promised to crack down on wayward firms.  But months later, regulators are dealing with the collapse of another brokerage firm. ♦ Scandal Shakes Trading Firm.  [7/11] – A deepening scandals in the futures-trading business has left an elder statesman of the industry hospitalized after a suicide attempt and regulators seeking to find out what happened to about $215 million of customer money allegedly missing from his firm. ♦ It's Déjà Vu for Futures Traders, Regulators.  [7/12] – Futures traders blasted regulators for missing an alleged fraud at Peregrine Financial Group Inc. in a growing sign of discontent with oversight of an industry rocked by 2 scandals in the last year. ♦ At Peregrine Financial, Signs of Trouble Seemingly Missed for Years.  [7/12] – It was a triumphant moment in 2009 when a delegation of Iowa lawmakers visited here to tour the gleaming, new headquarters of the Peregrine Financial Group. ♦ Business Woes, Erratic Moves Dogged Stricken Executive.  [7/13] – Friends of Peregrine Financial Group Inc. founder Russell Wasendorf Sr. were looking forward to his wedding Aug. 4 in Cedar Falls, Iowa.  But this week, they learned that Mr. Wasendorf had quietly gotten married two weeks ago at the Bellagio Chapel in Las Vegas. ♦ Scandal Shakes Small Iowa Town.  [7/12] – Russell Wasendorf Sr. put Cedar Falls, Iowa, on the financial industry map when he moved the headquarters of his futures brokerage to the farm-belt city from Chicago in 2009. ♦ Red Flags at Failed Broker.  [7/13] – Futures-industry regulators missed multiple possible warning signs over the years about major problems at Peregrine Financial Group Inc., including several raised by their own investigators. ♦ Futures Executive Is Arrested After Admitting Fraud.  [7/13] – A prominent futures-industry executive was arrested on Friday after confessing to embezzling from clients and defrauding banks over nearly 2 decades. ♦ How to Avoid Another Futures-Firm Blowup.  [7/13] – Carley Garner had no idea things were amiss at futures brokerage PFGBest until she received an e-mail on Monday telling her all client funds had been frozen. ♦ Peregrine CEO's Dramatic Confession.  [7/14] – The head of collapsed brokerage firm Peregrine Financial Group Inc. admitted to defrauding clients out of more than $100 million over nearly 20 years by personally doctoring bank statements and duping auditors with the help of a post-office box, federal prosecutors said Friday.