Chicago Tribune: Peregrine CEO Wasendorf gets maximum
"Disgraced financier Russell Wasendorf will be at least 107 years old by
the time he’s eligible for release from prison under the 50-year
sentence handed down Thursday in Cedar Rapids. The former head of
the defunct Peregrine Financial Group futures and commodities brokerage
stole $215 million from more than 13,000 customers over a 20-year
period. The 64-year-old Marion native pilfered customer funds to live a
lavish lifestyle and expand the business, which prosecutors said was
never profitable on its own...Federal sentences are only reduced by a maximum of 15 percent for good
behavior, which means that Wasendorf must serve a minimum of 42.5 years
before being eligible for release. "
We originally wrote about this story here. In case you did not get the reference - one of Peregrine's divisions was called PFG Best.
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