- Special Report: Syria's Islamists seize control as moderates dither
- Stocks, bond prices drop as Fed points to reduced bond buying
- Obama defends U.S. intelligence strategy in wary Berlin |
- Wall St. drops after Bernanke hints at slowing stimulus |
- Tropical Storm Barry forms in the southern Gulf of Mexico -NHC
Peregrine Financial Group ex-CEO sentenced to 50 years in jail
CEDAR RAPIDS, Iowa |
CEDAR RAPIDS, Iowa Jan 31 (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.
- Tweet this
- Share this
- Digg this