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  • flankenking flankenking Feb 2, 2013 4:27 PM Flag

    The number of 2 million publshed shortselling only the PEAK OF THE ICEBERG

    Peregrine Financial ex-CEO expects life of fraud to end in jail

    1/30/2013COMMENTS (0)

    By Tom Polansek

    CHICAGO, Jan 30 (Reuters) - Russell Wasendorf Sr., who admitted looting more than $100 million from futures broker Peregrine Financial Group, expects to die behind bars even if a judge ignores prosecutors and imposes a lenient sentence at a hearing on Thursday.

    "He has been ready, since he confessed, to get to where he is going to spend the rest of his life," said pastor Linda Livingston of Ascension Lutheran Church, one of Wasendorf's few regular visitors.

    Prosecutors say the amount Wasendorf stole was closer to $215 million and have asked a federal court in Iowa to sentence the 64-year-old to 50 years in prison for the scam which affected tens of thousands of customers.

    After spending the last six months in a county jail and losing nearly 30 pounds from his already-trim frame, Wasendorf believes that even if he does not receive the maximum sentence, he will still end up dying in jail, Livingston told Reuters.

    Sentiment: Strong Buy

 
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