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Paying the Piper

4 years 4 months 2 weeks ago January 31, 2013 Jan 31, 2013 Thursday, January 31 2013 January 31, 2013 6:21 PM in News
Source: Associated Press
By: Michael Marsh

The founder of a brokerage house in Iowa got 50-years in federal prison for a scam that bilked 13,000 investors out of $215 million dollars over 20 years. Russ Wasendorf Sr. headed Peregrine Financial Group and caused what a judge called "staggering losses" to investors, employees and creditors. Judge Linda Reade says Wasendorf lacked the courage to stop his scam and fraud sooner and admit his company was a failure from when it started in the '90's.

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