U.S. Bank (USB) is being examined in relation to its role overseeing client funds allegedly...

|About: U.S. Bancorp (USB)|By:, SA News Editor

U.S. Bank (USB) is being examined in relation to its role overseeing client funds allegedly misappropriated by Peregrine Financial Group, according to a source. The failed brokerage had an account at a U.S. Bank branch in Cedar Falls, and investigators are looking into whether PFG supplied false bank documents to auditors to cover up misdeeds.