Thursday, January 31, 2013

Russ Senior gets 50 years in prison

Russell Wasendorf Sr., who admitted looting more than $100 million from broker Peregrine Financial Group in a scheme that shook confidence in the U.S. futures industry, was sentenced to 50 years behind bars on Thursday.

Wasendorf was ordered to pay $215.5 million in restitution.

Supporters of the disgraced 64-year-old executive had asked Chief Judge Linda Reade of the U.S. District Court of the Northern District of Iowa for leniency, arguing that Wasendorf is in frail health and that he had helped others even in the midst of his 20-year fraud. Former Peregrine CEO Wasendorf gets 50 years in prison -

When the elite of the global futures industry gather in Boca Raton, Fla. next month for their annual parley, the man known to many as simply "Russ Senior" will be a noticeable absentee.
Russell R. Wasendorf Sr., who once funded lavish receptions at the event with celebrity speakers from business, sport and politics, has left the industry shaken and embarrassed by the fraud he perpetuated over almost 20 years. 'Russ Senior' Leaves Industry Shaken -