SEC Races Against Statute of Limitations; PFGBest Founder Lavished on Employees; Roundup

Paper race: The Securities and Exchange Commission is racing to file civil charges arising out of the financial crisis before a five-year statute of limitations runs out. The Commodity Futures Trading Commission, meanwhile, asked several banks under investigation for manipulating interbank lending rates to sign so-called “tolling agreements,” in which the firms agree not to seek dismissal on the grounds that the statute of limitations has expired.

Giving it away: Russell R. Wasendorf Sr., founder of Iowa-futures broker PFGBest, which filed for Chapter 7 liquidation this week after regulators noticed more than $200 million in missing client funds, was a generous guy, taking colleagues on a no-expense-spared trip to Italy, donating to the local university and supplying a child-care facility in the company headquarters that had “more baby beds than a baby-hospital.”

Terms: When Spanish banks struggled to raise money in debt markets beginning in 2009, they sold preferred shares through their branch networks. Now the investors who bought those shares—often the banks’ depositors—are likely to be the first to absorb bank losses under the terms of the Spanish bailout deal.

Overhaul: The New York Fed replaced virtually its entire staff of examiners responsible for JPMorgan in mid-2011, The New York Times reports, installing staff without deep first-hand knowledge of the bank.

Clawbacks: Former partners of failed law firm Dewey & LaBouef have been asked to return more than $103 million in compensation, or face years of litigation over the pay.

Knock, knock: German tax inspectors are raiding the homes of Credit Suisse clients.

Bulk purchasers: As private equity firms hold onto the companies they own longer, they’ve begun using their size to seek discounts on everything from computers to toilet paper.

Feeling scream-ish: Apollo Global Management founder Leon Black is said to be the buyer of Edvard Munch’s The Scream in May for a record $120 million.

SEC Races Against Statute of Limitations; PFGBest Founder Lavished on Employees; Roundup