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JAN 31, 2013 - Time

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Iowa Brokerage Head Gets 50 Years for Embezzlement

CEDAR RAPIDS, Iowa — A judge sentenced Peregrine Financial Group Inc. founder Russ Wasendorf Sr. to 50 years in prison on Thursday for stealing $215 million from investors and concealing his theft for 20 years. U.S. District Judge Linda Reade told Wasendorf at the hearing in Cedar Rapids that he knowingly caused “staggering losses” to investors, employees and creditors that grew larger over 20 years. Reade said Wasendorf, 64, lacked the courage to stop his fraud sooner and admit his company was a failure from its inception in the early 1990s. (MORE: How Spending More on Academics ... Read More

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