HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Peregrine Financial Group...
Introducing Discussionist: A new forum by the creators of DU

Thu Jan 31, 2013, 01:21 PM

Peregrine Financial Group ex-CEO sentenced to 50 years in jail

Source: Reuters

Russell Wasendorf Sr., who admitted looting more than $100 million from broker Peregrine Financial Group in a scheme that shook confidence in the U.S. futures industry, was sentenced to 50 years behind bars on Thursday.

Wasendorf was ordered to pay $215.5 million in restitution.

The sentence came six months after Wasendorf, 64, botched a suicide attempt outside his now-defunct brokerage's $24-million headquarters in Cedar Falls, Iowa, and confessed to bilking tens of thousands of customers over nearly 20 years.

Prosecutors argued that Wasendorf stole more than $215 million, using little more than a rented post office box, Photoshop and inkjet printers to fake bank statements and dupe regulators.

Read more: http://www.reuters.com/article/2013/01/31/peregrine-financial-jail-idUSL1N0B0B2420130131

9 replies, 1365 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 9 replies Author Time Post
Reply Peregrine Financial Group ex-CEO sentenced to 50 years in jail (Original post)
Bosonic Jan 2013 OP
onehandle Jan 2013 #1
valerief Jan 2013 #2
riverbendviewgal Jan 2013 #3
madrchsod Jan 2013 #4
tk2kewl Jan 2013 #5
ROBROX Jan 2013 #6
bvar22 Jan 2013 #7
jollyreaper2112 Jan 2013 #8
shagnasty Jan 2013 #9

Response to Bosonic (Original post)

Thu Jan 31, 2013, 01:24 PM

1. Meanwhile, the crooks that destroyed our economy operate as before. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 01:26 PM

2. He should have looted a trillion. He'd be running America now. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 01:32 PM

3. As long as the sentenxes don't get shortened it looks like he will die in jail

He deserves to be jailed. I wish it was in the hard jail and not the country club one he will end up in.

here is an excerpt of a good article on his good life..
Prosecutors said Friday that Wasendorf bought out his partner at Peregrine with stolen customer funds in 1993 or 1994 and proceeded to tap them as needed. They funded a lavish lifestyle that included a lakefront condo in Chicago, a commuter jet, and an estate and two restaurants in Cedar Falls. No expense was too much, as evidenced by a trip to Italy in 2010 he bankrolled for the entire staff of myVerona, an upscale Italian restaurant he opened in Cedar Falls. A third restaurant was being planned at the time of his July 13 arrest.
http://www.desmoinesregister.com/article/20130130/NEWS/301300049/1001/

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 01:38 PM

4. he`ll spend the rest of his life in prison

meanwhile people just like him are buying multi -million yachts, a 57 ferrari tr for 16 m,and buying island get-a-ways.

i guess the guy did`t steal enough to get away with it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 01:46 PM

5. Sucks not to be in the club

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 02:25 PM

6. ROAST THE BASTARD AND GET READY TO ROAST ANOTHER

 

Justice will be served and those who cheat will be found and roasted. All these bastards should do hard time in a regular prison and their boy friend should be BRUNO or some other fine name.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 03:12 PM

7. Too bad he wasn't "Too Big to Fail".

That is now the Corporate Holy Grail.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 03:38 PM

8. He's old and will die soon

How many of us would be happy with living the good life and only paying for it a little on the backend? Damn tempting, especially for remorseless sociopaths. We need to catch these guys early.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Bosonic (Original post)

Thu Jan 31, 2013, 03:56 PM

9. Kind of dumb not using part of the loot io buy a few politicians.

 

This os what happens when you get too greedy to share the "TAKE" with those in power to pull the strings.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread