Peregrine CEO Wasendorf sentenced to 50 years

CEDAR RAPIDS, Iowa — Russell Wasendorf Sr. on Thursday was sentenced to the maximum 50 years in jail after admitting to orchestrating a fraud at the futures brokerage he founded and misleading regulators for almost 20 years.

Wasendorf pleaded guilty last September to the fraud at Peregrine Financial Group Inc. that federal prosecutors said cost his investors around $215 million and masked a business that was never profitable.

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