The federal commission that regulates the U.S. futures trading industry has permanently barred the accountant who audited Russell Wasendorf’s Peregrine Financial Group in Cedar Falls and did not discover his fraud scheme. Iowa Public Radio’s Durrie Bouscaren reports.
Last July the president of Peregrine Financial Group, Russell Wasendorf Sr., admitted to stealing millions of dollars from his firm. On the first half of today's River to River, host Ben Kieffer talks about the Wasendorf case and discovers the personal, financial, and societal impact of this type of monetary fraud.
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.