Peregrine Financial Group boss admits $100m fraud
The founder of US futures broker Peregrine Financial Group has pleaded guilty to a fraud involving 24,000 customers in the US state of Iowa.
The embezzlement, totalling over $100m (£61.5m), began some 20 years ago.
Russell Wasendorf Sr, who is 64, was once regarded as a noble figure who supported a range of institutions from health care to universities.
He now faces at least 24 years in jail. Prosecutors said: “He has gone from being a hero… to a villain.”
In court, Wasendorf pleaded guilty to charges including mail fraud, embezzling customer funds and making false statements to two regulatory agencies.
Filed under: criminal justice system, economics, law Tagged: Cedar Falls Iowa, Cedar Rapids Iowa, customer funds, EMBEZZLEMENT, futures broker, Iowa, Mail fraud, Making false statements, Peregrine Financial Group, Plea 
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2012-09-20 05:23:00
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