Financier who stole $215 million gets 50 years
DES MOINES — A judge sentenced disgraced financier Russell Wasendorf, the head of Peregrine Financial Group, to 50 years in prison on Thursday for stealing $215 million from more than 13,000 customers over a 20-year period.
Wasendorf, 64, would be at least 107 years old by the time he's eligible for release.
Wasendorf pilfered customer funds to live a lavish lifestyle and expand the business, which prosecutors said was never profitable on its own.
Investor confidence in the sanctity of the $37 trillion futures market was shaken by details of the scam that were contained in suicide notes discovered after Wasendorf's botched attempt to take his own life July 9.
“This is a very serious offense with staggering affects to the victims and ripple effects,” said U.S. District Judge Linda Reade in Cedar Rapids, Iowa. “The sentence I impose must be a deterrent to others.”
Federal sentences are only reduced by a maximum of 15 percent for good behavior, which means that Wasendorf must serve a minimum of 42.5 years before being eligible for release. Reade noted that his victims included 13,000 investors and more than 200 employees.
Show commenting policy
TribLive commenting policy
- Woman, 5 children held hostage in home
- Scathing report says college trustees fail in mission
- ISIS beheads American photojournalist who was kidnapped 2 years ago in Syria
- Monsoon rains wreak havoc in Arizona
- Irwin native among military personnel kept waiting for return of personal vehicle
- NRA’s ad campaign targets Bloomberg’s push to unify advocates of gun control
- Perry defiant at booking
- Ex-Va. first lady sought credit for loan, sister-in-law says
- Agency makes high-tech push to improve military vehicles
- Simple changes — nicotine drug, phone calls for reassurance — found to help more smokers stop
- Weather keeps Calif. fire in check