I promise that I will be good and won’t defraud you anymore…

The primary regulator of failed futures brokerage Peregrine Financial Group was criticized in a 2002 report for taking brokers at their word that they would clean up compliance problems.

The Commodity Futures Trading Commission report on the National Futures Association’s performance came in the middle of a two-decade long fraud at Peregrine that was only disclosed last week.

“NFA’s failure to obtain documentation demonstrating that member firms had corrected compliance problems identified during audits and investigations, or at least written agreements to correct violations, is troubling,” the CFTC wrote in what was an otherwise generally upbeat review of the NFA’s disciplinary program.

“Accepting oral representations that repetitive compliance problems will be remedied is a questionable practice,” the CFTC added.

Read More: Reuters