CEDAR RAPIDS, Iowa — A judge has sentenced Peregrine Financial Group Inc. Russ Wasendorf Sr. to 50 years in prison for stealing $215 million from investors and concealing his theft for 20 years.

U.S. District Judge Linda Reade said at Thursday’s sentencing hearing in Cedar Falls that Wasendorf knowingly caused “staggering losses” to investors, employees and creditors that grew larger over 20 years.

She says Wasendorf lacked the courage to stop his fraud sooner and admit his company was a failure from its inception in the early 1990s.

Prosecutors say Wassendorf victimized more than 13,000 customers.

(9) comments

LNorman

CCONKLIN
He knew he was stealing over and over for over for 12 yrsI If you rob a bank everyday you get charged for every robbry everyday you robbed one. its a new robbry .This is a good start Now lets go after City bank and wallstreet 12 years x 365 days a year is how meny days he commited a robbery thats 4380 days. Thats 87.6 days per robbery. I never heard of any bank robber that got less than 90 days have you ?

TruthOnlyBeTold
TruthOnlyBeTold

Right-on Arnold...and make sure all the top executives from Lehman Brothers is on that list of Wall Street crooks.

Hawkeye2300

Chances are you literally have no idea about Wall Street at all other than what the liberal media tells you.......yes they were part of the problem, but dumb people who couldn't live within their means bought houses they couldn't afford which made the problem worse.....then a democrat named Barney Frank who thought everyone deserved a house just poured gas on the fire....

This guy should go to jail, but it has nothing to do with Wall Street...

mommakelly
mommakelly

Seriously...who are you kidding? GW was the one who initiated the home buyers program, but of course, you won't accept that truth, because it's not what you "want" to hear.

George Bush was responsible for the housing bubble:

http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all

Unless of course you claim that the NY Times is part of the liberal media, which of course, doesn't include Faux News which is the only news agency that tells the truth (sacasm, in case you missed it). Otherwise, you're simply one of those that insists that every ill in this world is caused by liberals...either way, you're unreliable at the very least.

Hawkeye2300

Momma, clearly you have no significant money or understand finance or accounting at all...good luck getting your degree...you can become a reporter, none of them have any clue how to read a balance sheet either...

Hawkeye2300

People who bought homes that were more than they could afford created the housing bubble.....As long as you're not moving right now, it really doesnt matter what your home is worth...all that matters is how much liquid investments you have...liberals like yourself don't understand that simple concept....

Klaatu
Klaatu

He deserves every second of it. He should be cleaned out down to zero dollars and serve every second of his sentence. The remedy to your complaint would be harshen the penalty for the crimes you mention. We can't tolerate this stuff, it undermines the economic system.

towns

Let's get some nitty-gritty Times!

CConklin

50 years? You can rape children, kill your mother and not get that much time!

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