|According to a NBC News report Peregrine Financial CEO Russell Wasendorf Sr. pleaded guilty Monday to embezzling more than $100 million from customers of his futures brokerage. Wasendorf admitted to stealing from his customers for almost 20 years and faces up to 50 years in prison which would essentially be a life sentence for the 64 year old former futures and commodities executive.
Wasendorf, Sr. contends he acted alone. However, his son and former President of Peregrine contends in a recenlty filed lawsuit his father was assisted in the scheme by a woman who was employed by U.S. Bank. U.S. Bank officials denied the allegations, dismissing the claim as baseless.
This is yet another story of greedy executives, failed investment and banking firms and investors losses left holding the bad that has become so common place in the past few years. A trustee has been appointed to recover assets. Information may be found at the trustee’s website.
Peregrine Financial Groups Former CED Pleads Guilty in $100 Million Embezzlement
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