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Pictures | Thu Jan 31, 2013 | 8:50pm EST

Peregrine boss Wasendorf gets 50 years jail for fraud

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

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...more

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
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Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. wears an anti-suicide tunic following his arrest on charges of lying to federal regulators in Cedar Falls, Iowa July 2012 in this handout photo provided by Linn County Jail. REUTERS/Linn County Jail/Handout /Files

Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. wears an anti-suicide tunic following his arrest on charges of lying to federal regulators in Cedar Falls, Iowa July 2012 in this handout photo provided by Linn County Jail....more

Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. wears an anti-suicide tunic following his arrest on charges of lying to federal regulators in Cedar Falls, Iowa July 2012 in this handout photo provided by Linn County Jail. REUTERS/Linn County Jail/Handout /Files
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Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr and his attorney Jane Kelly during Wasendorf's sentencing 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

Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr and his attorney Jane Kelly during Wasendorf's sentencing at the US District Courthouse in Cedar Rapids, Iowa, January 31, 2013. A U.S. judge on Thursday sentenced Wasendorf to 50 years...more

Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr and his attorney Jane Kelly during Wasendorf's sentencing 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
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United States District Court Chief Judge Linda R. Reade sentences Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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

United States District Court Chief Judge Linda R. Reade sentences Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr at the US District Courthouse in Cedar Rapids, Iowa, January 31, 2013. A U.S. judge on Thursday sentenced Wasendorf to...more

United States District Court Chief Judge Linda R. Reade sentences Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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
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Pastor Linda Livingston of Ascension Lutheran Church in Marion speaks on behalf of the defendant at the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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

Pastor Linda Livingston of Ascension Lutheran Church in Marion speaks on behalf of the defendant at the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr at the US District Courthouse in Cedar Rapids, Iowa, January 31,...more

Pastor Linda Livingston of Ascension Lutheran Church in Marion speaks on behalf of the defendant at the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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
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Assistant United States Attorney Matt Cole speaks to the media during a press conference to discuss the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr. 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/Cliff Jette/The Gazette-KCRG TV9

Assistant United States Attorney Matt Cole speaks to the media during a press conference to discuss the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr. at the US District Courthouse in Cedar Rapids, Iowa January 31,...more

Assistant United States Attorney Matt Cole speaks to the media during a press conference to discuss the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr. 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/Cliff Jette/The Gazette-KCRG TV9
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Acting United States Attorney Sean Berry speaks to the media as Assistant US Attorney Peter Deegan, Asst. US Attorney Matt Cole and Postal Inspector Tina Nobis (L-R) listen in the background, during a press conference to discuss the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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/Cliff Jette/The Gazette-KCRG TV9

Acting United States Attorney Sean Berry speaks to the media as Assistant US Attorney Peter Deegan, Asst. US Attorney Matt Cole and Postal Inspector Tina Nobis (L-R) listen in the background, during a press conference to discuss the sentencing of...more

Acting United States Attorney Sean Berry speaks to the media as Assistant US Attorney Peter Deegan, Asst. US Attorney Matt Cole and Postal Inspector Tina Nobis (L-R) listen in the background, during a press conference to discuss the sentencing of Peregrine Financial Group owner and CEO Russell R. Wasendorf, Sr 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/Cliff Jette/The Gazette-KCRG TV9
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