Peregrine Financial Group ex-CEO sentenced to 50 years in jail

[Bosonic]

Source: 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.

Read more: http://www.reuters.com/article/2013/01/31/peregrine-financial-jail-idUSL1N0B0B2420130131

[onehandle]

1. Meanwhile, the crooks that destroyed our economy operate as before. nt

[valerief]

2. He should have looted a trillion. He'd be running America now. nt

[riverbendviewgal]

3. As long as the sentenxes don't get shortened it looks like he will die in jail

He deserves to be jailed. I wish it was in the hard jail and not the country club one he will end up in.

here is an excerpt of a good article on his good life..

Prosecutors said Friday that Wasendorf bought out his partner at Peregrine with stolen customer funds in 1993 or 1994 and proceeded to tap them as needed. They funded a lavish lifestyle that included a lakefront condo in Chicago, a commuter jet, and an estate and two restaurants in Cedar Falls. No expense was too much, as evidenced by a trip to Italy in 2010 he bankrolled for the entire staff of myVerona, an upscale Italian restaurant he opened in Cedar Falls. A third restaurant was being planned at the time of his July 13 arrest.
http://www.desmoinesregister.com/article/20130130/NEWS/301300049/1001/

[madrchsod]

4. he`ll spend the rest of his life in prison

meanwhile people just like him are buying multi -million yachts, a 57 ferrari tr for 16 m,and buying island get-a-ways.

i guess the guy did`t steal enough to get away with it.

[tk2kewl]

5. Sucks not to be in the club

[ROBROX]

6. ROAST THE BASTARD AND GET READY TO ROAST ANOTHER

Justice will be served and those who cheat will be found and roasted. All these bastards should do hard time in a regular prison and their boy friend should be BRUNO or some other fine name.

[bvar22]

7. Too bad he wasn't "Too Big to Fail".

That is now the Corporate Holy Grail.

[jollyreaper2112]

8. He's old and will die soon

How many of us would be happy with living the good life and only paying for it a little on the backend? Damn tempting, especially for remorseless sociopaths. We need to catch these guys early.

[shagnasty]

9. Kind of dumb not using part of the loot io buy a few politicians.

This os what happens when you get too greedy to share the "TAKE" with those in power to pull the strings.