Gary Gensler actually said...

Customers should have been able to rely on a system of protection that protects them at all times.

I think that we will never protect that there will not be somebody trying to steal or lie or cheat.

The evidence points to the owner, Russ Wasendorf, taking the funds of customers right out of the bank and lying about it for years.

I believe the system failed to protect Peregrine's customers here and that we all must do better, including the CFTC.