Feds Seek 50 Year Prison Term For Peregrine's Wasendorf
January 23 , 2013
Former CEO Russell Wasendorf Sr. embezzled more than $215 million from the investors' accounts of Peregrine Financial Group Inc. This statement was made by Federal prosecutors on Tuesday as they sought the maximum prison term of 50-year.For over two decades Wasendorf had carried out a complicated fraud using forged bank statements. His confession has incensed investors and Federal prosecutors said the recommended sentence prescribed by the federal sentencing guidelines be modified upward because of the huge loss amount. Wasendorf confessed to the fraud. Assistant US Attorney Peter Deegan sought that District Judge Linda Reade order the sentences on 4 separate counts to be run sequentially.
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