Peregrine CEO Used Stolen Funds To Pad Capital, Reports Say

Law360, New York (July 17, 2012, 10:53 PM EDT) -- Newly disclosed portions of Peregrine Financial Services Inc. CEO Russell Wasendorf Sr.'s suicide statement have revealed that a major chunk of embezzled customer funds padded his company's capital to satisfy heightened regulatory scrutiny of Peregrine, according to Tuesday reports.

The disclosure follows parts of the signed statement that were revealed in a complaint in Iowa federal court Friday, when Wasendorf, 64, was arrested over more than $200 million in missing customer funds. The complaint says that Wasendorf had estimated to authorities that his fraud had exceeded...
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