Peregrine’s Wasendorf Stole $215 Million, U.S. Says
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Russell Wasendorf Sr., the founder of now-bankrupt Peregrine Financial Group Inc., stole more than $215 million from the commodity firm’s customers, U.S. prosecutors said.
Wasendorf, then 64, pleaded guilty in September in federal court in Cedar Rapids, Iowa, to mail fraud and two counts of lying to federal prosecutors. He faces as long as 50 years in prison at his Jan. 31 sentencing.