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Disgraced CEO Faces Maximum Sentence

AP | By RYAN J. FOLEY | Posted 03.24.2013 | Business

IOWA CITY, Iowa (AP) — Disgraced businessman Russ Wasendorf Sr. should receive the maximum 50-year prison sentence for a $215 million fraud that vic...

Disgraced CEO's Son: My Father Will 'Endure The Consequences Of His Actions'

Reuters | Posted 11.12.2012 | Business

* Wasendorf was arrested in July, firm is in bankruptcy * Wasendorf's lawyer asks judge to release him to pastor * Recei...

Report: Cheaters Get 'High' From Breaking The Rules

The Huffington Post | Harry Bradford | Posted 08.07.2012 | Business

Forget about the notion of a guilty conscience. Cheating actually feels good, according to a new study. Breaking the rules dishonestly doesn't resu...

Disgraced CEO To Lose Life Insurance Plans, Private Plane

Reuters | Posted 10.06.2012 | Business

* CEO's receiver seeks to unload insurance policies, plane * One policy has cash surrender value of about $1.3 million *...

CEO Accused Of Stealing Hundreds Of Millions Had Few Flashy Possessions

Reuters | Posted 10.05.2012 | Business

By Ann Saphir CHICAGO, Aug 6 (Reuters) - The hunt for the assets of Peregrine Financial Group CEO Russell Wasendorf Sr. has yielded a...

Clients Accuse Disgraced CEO Of 'Theft'

Reuters | Posted 10.01.2012 | Business

CHICAGO, Aug 1 (Reuters) - Several customers of Peregrine Financial Group are suing the failed futures brokerage's chief executive officer, Russell ...

How Peregrine Financial Got Around A Law Designed To Prevent Corporate Fraud

Reuters | Posted 09.28.2012 | Business

By Kevin Drawbaugh and Dena Aubin July 29 (Reuters) - When Peregrine Financial collapsed earlier this month, a nagging question resurfa...

PFGBest CEO Likely Had 'Some Type Of Assistance,' Lawyer Says

Reuters | Posted 09.26.2012 | Business

* "Hard to envision" Peregrine CEO acted alone-son's lawyer * NFA president also raised possibility CEO had accomplice *...

Watchdog Admits Being 'Fooled' By CEO

Reuters | Posted 09.24.2012 | Business

* NFA president says auditors followed proper procedures * But says audit steps "not good enough anymore" * CFTC's Gensl...

Joe Nocera: Another Week, Another Banking Scandal

The New York Times | JOE NOCERA | Posted 07.21.2012 | Business

Is it my imagination, or does every week bring news of another financial scandal? No, it’s not my imagination. First up: Peregrine Financial Grou...

D.M. Levine

Crisis in Commodities

HuffingtonPost.com | D.M. Levine | Posted 07.20.2012 | Business

First, there was a banking crisis. Now, after the collapse of Peregrine Financial Group, commodities markets may be on the brink of their own emergenc...

Watchdog Scolded For Taking Brokers At Their Word Amid 20 Year Fraud

Reuters | Posted 09.17.2012 | Business

* NFA let firms verbally pledge to do better-2002 report * CFTC report called practice troubling * Report came during mi...

Casper the Friendly Ghost Can't Control Wall Street

Leo W. Gerard | Posted 09.15.2012 | Business
Leo W. Gerard

Casper's airy little fist packed no wallop when it came to impeding high-risk betting on Wall Street, the LIBOR lending rate manipulation or the disappearance of client money at MFGlobal. There's a much better way than Casper to catch a bankster: pay them to turn each other in.

How One Watchdog Missed Blatant Fraud For 20 Years

Reuters | Posted 09.12.2012 | Business

* 20-year-fraud raises questions about NFA oversight * Sources say NFA auditors typically new college grads * NFA offici...

CEO Of Disgraced Company Faces 'Up To Decades In Prison'

Reuters | Posted 09.12.2012 | Business

CEDAR RAPIDS, Iowa July 13 (Reuters) - Russell Wasendorf Sr., the founder and CEO of failed futures brokerage PFGBest, faces "up to decades in priso...

Feds Approve New Rules In Wake Of MF Global, Peregrine Scandals

Reuters | Posted 09.12.2012 | Business

* "Corzine rule" requires top execs to approve withdrawals * Brokers must notify regulators before large withdrawals * M...

D.M. Levine

'I Thought This Could Never Happen Again'

HuffingtonPost.com | D.M. Levine | Posted 07.12.2012 | Business

When commodities brokerage firm MF Global collapsed last October, losing $1.6 billion in customer funds in the process, Christopher Dickerson was sure...

PFGBest Scandal 'Has Some Echoes Of Madoff'

Reuters | Posted 07.12.2012 | Business

WASHINGTON/CHICAGO (Reuters) - U.S. futures industry investigators are looking into why Iowa-based collapsed brokerage PFGBest used a tiny accounting ...

Founder Of Disgraced Firm Married In Vegas Weeks Before Scandal Broke

Reuters | Posted 09.11.2012 | Business

* Wasendorf married in Vegas weeks before planned Iowa wedding * Employees pack up as founder said to emerge from coma...

Jillian Berman

Troubled CEO Had 'Messianic Condition'

HuffingtonPost.com | Jillian Berman | Posted 07.11.2012 | Business

Russell Wasendorf Sr., the founder of Peregrine Financial Group, is such a presence in Cedar Falls, Iowa, that his attempted suicide has cast a shadow...

Unit Of Scandal-Ridden Firm Files For Bankruptcy

Reuters | Posted 09.09.2012 | Business

July 10 (Reuters) - Peregrine Financial Group Inc, the regulated unit of the brokerage PFGBest, has filed to liquidate under Chapter 7 of the U.S. b...

Mark Gongloff

Collapsed Brokerage Firm Breaks Irony Meter

HuffingtonPost.com | Mark Gongloff | Posted 07.10.2012 | Business

Are you getting collapsed brokerage firm PFGBest confused with collapsed brokerage firm MF Global? It's understandable! They're both commodity brokera...

Peregrine Financial CEO Left Suicide Note 'That Caused Alarm'

AP | DANIEL WAGNER and JIM SUHR | Posted 09.09.2012 | Business

WASHINGTON — Employees of an Iowa-based brokerage firm that has been unable to account for $220 million in customer money found their boss in hi...

Mark Gongloff

JPMorgan's Latest Headache: More Missing Money

HuffingtonPost.com | Mark Gongloff | Posted 07.12.2012 | Business

The unfolding PFGBest debacle looks like the MF Global debacle in a lot of ways, including missing customer funds held in a JPMorgan Chase account. ...

Brokerage Founder Attempts Suicide As Firm Loses Customer Funds

Reuters | Posted 09.08.2012 | Business

By Tom Polansek and David Sheppard CHICAGO/NEW YORK, July 9 (Reuters) - More than $200 million in customer funds appears to be missin...