The head of an Iowa brokerage that swindled investors for more than 20 years was sentenced to 50 years in jail, reports the Houston Chronicle. A prosecutor called it the “biggest fraud in Iowa history."
Russ Wasendorf Sr. was convicted of stealing from more than 13,000 investors. His firm, the Peregrine Financial Group, was a fraudulent operation from the day it began. Wasendorf did issue an apology for his criminal behavior during his trial.
I just want to say I'm very, very sorry for the financial and emotional damage I have caused to investors and employees of Peregrine Financial Group," Wasendorf said.