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U.S. Department of Justice: Peregrine CEO Russell Wasendorf Sr. sentenced to 50 years for fraud, embezzlement

( January 31, 2013, 19:44 GMT | Official Statement) -- MLex Summary: A federal jury in Iowa sentenced Peregrine Financial Group Chief Executive Officer Russell Wasendorf Sr. to 50 years in prison for fraud, embezzlement, and lying to regulators for stealing more than $215 million in futures customers' money, the U.S. Department of Justice said Thursday. Regulators first detected Wasendorf's theft last summer, prompting the U.S. Commodity Futures Trading Commission and an industry self-regulator to approve computer-based, tamper-proof protections for customers.Statement follows in full:...

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