Peregrine Financial Group CEO Russ Wasendorf Sr. has pleaded guilty to four felony counts, writes Felix Shipkevich:
“Prosecutors say the discredited CEO will face a minimum of 24 years in prison after pleading guilty to mail fraud, embezzling customer funds, and two counts of making false statements to regulatory agencies.
The 64-year-old attempted suicide in July after learning that regulators would gain access to his bank account. He was arrested days later when it became apparent that he defrauded more than 24,000 customers over a 20-year period.
Peregrine’s customers lost more than $200 million in commodity investments. They are expected to receive only a portion of the money from their accounts. An initial payment is expected that will restore 30 to 40 percent of their funds.”
Read the full update, Wasendorf Pleads Guilty - Shipkevich PLLC»