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Iowa Brokerage CEO Gets 50 Years for $215M Fraud

Posted: Jan. 31st, 2013  |  By DailyLuxe News

Waterloo Courier, Rick Chase

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.

Read More on chron.com
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