Wasendorf

Wasendorf Fallout

Feb 4, 2015
Waterloo Courier

U.S.Bank in Cedar Falls has been ordered to pay $18 million to defrauded customers of a failed brokerage firm. The settlement is the result of a lawsuit filed by The U.S. Commodity Futures Trading Commission against Peregrine Financial Group.  The suit claimed the bank should have known CEO Russell Wasendorf Sr. was stealing customer funds because the account was treated like a regular checking account. The suit alleges the bank allowed Wasendorf to transfer of millions of dollars to pay for his private jet, his restaurant, and even his divorce settlement.