OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Intellectual Thoughts and Empowering Thoughts (1 & 2)
Ex-CEO sentenced to 50 years for stealing $215M EmptyToday at 11:52 am by Consciousness Of Economic

» False prophets
Ex-CEO sentenced to 50 years for stealing $215M EmptyToday at 11:47 am by Consciousness Of Economic

» Entire Federal Reserve Payment System CRASHES
Ex-CEO sentenced to 50 years for stealing $215M EmptyToday at 11:45 am by Consciousness Of Economic

» A Cheap, New COVID Cure Just Did Away Any Need for a Vaccine!
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 10:11 pm by Ponee

» Bad-clown Rising - Rock Bottom Comix
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 7:41 pm by PurpleSkyz

» Body Language: Lindsey Graham on Trump, McConnell, Midterms & Newsmax
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 7:38 pm by PurpleSkyz

» Shrooms: The Tesla Of Drugs
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 6:51 pm by PurpleSkyz

» UFO News ~ "V" shaped formation of lights on horizon in Arvada, Colorado plus MORE
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:35 pm by PurpleSkyz

» Strange streak of light apparently releases bright object over Red Springs
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:19 pm by PurpleSkyz

» Mitt Romney Admits: Trump Would Win GOP Nomination If He Runs In 2024
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:16 pm by PurpleSkyz

» Dark Journalist: The State of Emergency Powers!
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:13 pm by PurpleSkyz

» WTH – After Stealing the 2020 Election, Big Media Is Now Claiming Joe Biden Is Some Sort of Saint
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:07 pm by PurpleSkyz

» FULL (of it) Benjamin bla bla blah Fulford 02-22-21... Massive March Campaign Planned Against Global Idiocracy
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 1:00 pm by PurpleSkyz

» Rep. Bill Johnson: Democrat Efforts to Censor Dissident Media ‘Eerily Similar’ to Communist China
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 12:51 pm by PurpleSkyz

» FDA Says J&J COVID Vaccine ‘Safe,’ Emergency Approval Expected Within Days
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 12:22 pm by PurpleSkyz

» Following Lawsuit, CDC Removes Claim “Vaccines Do Not Cause Autism” from its Website
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 12:19 pm by PurpleSkyz

» Public Health Officials Are Lying About Lockdowns
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 12:08 pm by PurpleSkyz

» Biden Gives $4 BILLION to WHO and Bill Gates for Global COVID Vaccine Injury Compensation Program but Nothing for the People?
Ex-CEO sentenced to 50 years for stealing $215M EmptyYesterday at 12:03 pm by PurpleSkyz

» Astrophysicists find rare star spinning backwards
Ex-CEO sentenced to 50 years for stealing $215M EmptyWed Feb 24, 2021 4:41 pm by PurpleSkyz

» Bright Meteor Fireball Flashes across Sky over Alberta, Canada
Ex-CEO sentenced to 50 years for stealing $215M EmptyWed Feb 24, 2021 4:38 pm by PurpleSkyz



You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Ex-CEO sentenced to 50 years for stealing $215M

Ex-CEO sentenced to 50 years for stealing $215M

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin
CEDAR RAPIDS, IOWAA judge sentenced Peregrine Financial Group Inc. founder Russ Wasendorf Sr. to 50 years in prison on Thursday for stealing $215 million from investors and concealing his theft for 20 years.


Play VIDEO

How to protect against financial scams
U.S. District Judge Linda Reade told Wasendorf at the hearing in Cedar Rapids that he knowingly caused “staggering losses” to investors, employees and creditors that grew larger over 20 years.

Madoff one of many “cockroaches” like him?
Reade said Wasendorf, 64, lacked the courage to stop his fraud sooner and admit his company was a failure from its inception in the early 1990s.

She also said the collapse of Peregrine Financial Group had rippled across the financial industry, affecting regulatory agencies and the nation as whole.

“By imposing a substantial sentence, the court sends a message that white collar criminals may serve long prison sentences for stealing money from other people,” Reade said.

Wasendorf appeared frail at the sentencing. His attorney said he’d lost a substantial amount of weight while being held in jail.

CEO pleads guilty to 20-year, $200 million fraud
Iowa: Wasendorf owes $14.1 million in taxes, fines
Judge mulls how to refund clients of failed brokerage
Before the sentencing, Wasendorf issued a broad apology for the damage he caused and said he would accept any sentence imposed.

Wasendorf pleaded guilty in September to misusing at least $100 million to cover business losses at his Cedar Falls-based brokerage, which did business as PFGBest, and a range of personal expenses. He admitted that he hid the theft from colleagues and regulators by making phony financial statements for nearly two decades.

Wasendorf was found unconscious outside the company’s headquarters last July after attempting suicide in his vehicle by connecting a tube to his exhaust pipe. He left a startling suicide note confessing to the fraud, saying he started stealing because his “ego was too big to fail,” that he did not feel bad about duping regulators he felt were overzealous, and had learned to make “convincing forgeries” of bank and financial statements using printers and scanners.

Regulators immediately discovered PFGBest could not account for more than $200 million in customer funds it was supposed to be holding, and the firm filed for bankruptcy protection. Some 24,000 customers were unable to access their accounts and still have not been fully reimbursed. Customers who opened accounts to trade commodities have received between 30 and 40 percent of their money back, while customers who traded foreign currency have received nothing because that activity has less legal protection.

Wasendorf used their money to build up a business empire that included a publishing company, a corporate jet, the nicest restaurant in Cedar Falls, and a family charity known for making donations to universities and hospitals.

Customer money also helped build what was perhaps the biggest symbol of Wasendorf’s home-grown success with a firm he started in a basement 30 years ago: PFG’s $20 million headquarters, a three-story glass building that opened in 2009 and included a gym, a daycare center, a Montessori school, and a restaurant. Today, the building is largely empty and up for sale.

© 2013 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

http://www.cbsnews.com/8301-34227_162-57566924/ex-ceo-sentenced-to-50-years-for-stealing-$215m/

Thanks to: http://2012indyinfo.com



  

terbo56

terbo56
A nice bag of dope, and soap on a rope, throw him in a cold dank cell, Without a lick of hope!! bigclap ok wink

PurpleSkyz

PurpleSkyz
Admin
HA! If only T. You just described what happens to those that are busted for smoking a joint. This d bag will get a posh spa like resort with only the best of amenities, color tv in his "room" complete with a wet bar. There is no justice. Sad truth .....



  

terbo56

terbo56
Yes, maybe, but Madoff got it 'busted off', and he's in a maximum security prison, and I don't think this guy will have it so easy, as they 'screwed' alot of investors, and now, the favor will be returned........

topspin2


They protect their own........He may even have a golf course on grounds.....

PurpleSkyz

PurpleSkyz
Admin
Exactly!!!! No way I believe that Madoff is hurtin' from lack of luxury. sigh....



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum