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
- Deputy fatally shot from behind at Houston gas station
- New Orleans slow to heal 10 years after Hurricane Katrina
- Clinton: Women ‘expect’ extremism from terrorists, not GOP candidates
- Thousands in New Orleans became targets of unscrupulous contractors
- Supreme Court has protest-free zone, judges panel rules
- Court lifts injunction against NSA call records program
- Prep school graduate Labrie convicted of sex charges
- Surviving panda cub is male
- ‘Facts are bad’ for pier-shooting defendant, legal experts say
- Illinois Lottery winners get IOU instead of checks
- Prosecutors won’t retry North Carolina police officer in black man’s death