Peregrine CEO indicted for lying to regulators

[Eugene]

Source: Reuters

Mon Aug 13, 2012 7:45pm EDT

(Reuters) - Peregrine Financial Group founder and CEO Russell Wasendorf Sr was indicted on charges of lying to regulators, a little over a month after his botched suicide attempt and his signed confession to bilking customers of his brokerage for years.

Wasendorf "overstated the value of PFG's customer segregated funds by at least tens of millions of dollars" to the Commodity Futures Exchange Commission, according to the indictment, filed in federal court in Cedar Rapids, Iowa.

The indictment carries a possible maximum sentence of 155 years in prison, a $7.75 million fine, and 93 years of supervised release following any imprisonment, the U.S. Attorney's office said.

The public defender representing Wasendorf Sr could not immediately be reached for comment.

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Read more: http://www.reuters.com/article/2012/08/13/us-peregrine-ceo-indictment-idUSBRE87C13I20120813

[Honeycombe8]

1. Does NO ONE take pride in earning an honest dollar any more?????

Corruption has always been around, but GREED has taken a hold in this country the likes of which I've never seen.

Seriously...you have MILLIONS, and that's not enough???? You have to sacrifice your customers, your friends, your integrity to get more and more and more?

It's disgusting!

[bulloney]

3. And do any of these clowns get punished after being caught committing said crimes?

I've only seen a handful of these crook get convicted, but how severely have they been punished? Have they been punished at all?

You said it, Honeycombe8, it's just an insatiable lust for money. It's a sickness.