Bloomberg.com - 1/31/13, By Karen Gullo & Edvard Pettersson
Russell Wasendorf Sr., the founder of the bankrupt commodities firm Peregrine Financial Group Inc., was sentenced to 50 years in prison for what prosecutors said was a theft of more than $215 million from customers.
Wasendorf, 64, was sentenced today in federal court in Cedar Rapids, Iowa, Acting U.S. Attorney Sean Berry said in a statement. The financier used a printer, software and a post office box to create false bank statements and other documents and hide his 20-year embezzlement starting in the early 1990s, prosecutors said.
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Comments
Another day, another ''job
Another day, another ''job creator'' off to the hoosegow. And thereby helping to create jobs for the for-profit prison industry! The cycle of life goes on.