Peregrine boss Wasendorf gets 50 years jail for fraud

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Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr is sentenced at the US District Courthouse in Cedar Rapids, Iowa, January 31, 2013. A U.S. judge on Thursday sentenced Wasendorf to 50 years in prison for looting hundreds of millions of dollars from the brokerage, saying his customers would probably never recover the money they lost. REUTERS/Connie Gross for The Gazette-KCRG TV9