Iowa Public Radio's Pat Blank reports Russell Wasendorf will spend the rest of his life in prison.
A federal judge has sentenced 64- year- old Russell Wasendorf, Sr. to 50 years in prison. Last July, following an attempted suicide, Wasendorf admitted to stealing more than 215 million dollars in customer funds from his Cedar Falls brokerage firm Peregrine Financial Group.
In a plea agreement in September, he pleaded guilty to charges of mail fraud, embezzlement and making false statements. 50 years is the maximum punishment for those offenses. There is no parole in the federal court system. He was sentenced by Chief Judge Linda Reade.
Iowa’s Democratic Attorney General and Republican Secretary of State have joined forces to stop an unusual kind of identity fraud. A California con man tried to collect fees from Iowa corporations by pretending to be the Secretary of State.