Ex-Peregrine CEO Stole $215M From Investors, Feds Say

Law360, New York (January 22, 2013, 7:12 PM EST) -- More than $215 million disappeared from Peregrine Financial Group Inc. investors' accounts because of former CEO Russell Wasendorf Sr.'s embezzlement scheme, federal prosecutors said Tuesday while recommending a maximum 50-year sentence. 

Federal prosecutors said the recommended sentence under federal sentencing guidelines should be adjusted upward because of the $215 million loss amount and the "sophisticated means" Wasendorf used to carry out the scheme to steal money from investors by using forged bank statements over two decades, a fraud he confessed to in a note as part...
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