Former Peregrine CEO Gets 50 Years For $100M Fraud

Law360, New York (January 31, 2013, 2:28 PM EST) -- Russell Wasendorf Sr., the disgraced former CEO of bankrupt Peregrine Financial Group Inc. who attempted suicide in July after admitting he stole $100 million from the futures broker, was sentenced Thursday to 50 years in prison for the massive fraud, the maximum term allowed.

The sentence by Iowa U.S. District Judge Linda R. Reade ensures that Wasendorf, 64, will spend the rest of his life behind bars. The financier pled guilty in September to embezzling at least $100 million in investor funds and overstating the amount...
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