Ongoing Coverage:

Peregrine Financial

Crime, Justice and Public Safety
3:28 pm
Mon August 18, 2014

UNI Seeks to Recover Funds in Investment Fraud

Photo by Fried Dough

The University of Northern Iowa is going to bankruptcy  court to try to get money back from the now defunct Cedar Falls-based investment fund  Peregrine Financial  group.   The firm’s CEO Russell Wasendorf, Sr. is serving a 50-year prison term for defrauding investors of more than 200 million dollars. 

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News
4:28 pm
Mon August 26, 2013

Wasendorf's auditor barred from practice

Russell Wasendorf Sr., former CEO of Peregrine Financial Group, outside PFG's now-closed offices in rural Cedar Falls.
courtesy photo

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.

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Business/Economy
5:10 pm
Thu January 31, 2013

Former CEO Wasendorf sentenced to 50 years

Credit Courtesy photo

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.

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Business/Economy
3:38 pm
Thu July 26, 2012

Wasendorf Waits

Russell Wasendorf Sr. outside his now closed 18 million dollar office building in rural Cedar Falls
Waterloo Courier

Russell Wasendorf had hoped tomorrow would be the day he’d be released on bail...

But the hearing's been postponed, so the former head of Peregrine Financial Group remains in jail…

and the business empire he built,  first in Chicago and then later in Iowa,  continues to crumble. 

His once fairy tale like existence came to an abrupt end earlier this month.

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Business/Economy
7:03 pm
Wed July 11, 2012

Financial Fallout

Courtesy

Economic development officials have begun to assess the fallout from the abrupt closure of the Cedar Falls-based international brokerage firm, Peregrine Financial Group doing business as PFGBest.  The company is being investigated by both governmental and regulatory officials for fraud and misuse of customer money.  220 million dollars is reportedly missing, Company founder, 64 year old Russell Wasendorf Sr. attempted suicide on Monday. CEO of the Greater Cedar Valley Alliance and Chamber, Steve Dust says they're reacting to what they know and discounting what they can't verify.