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JAN 31, 2013 - San Francisco Chronicle

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Prosecutor: Crooked Iowa broker deserves 50 years

Prosecutor: Crooked Iowa broker deserves 50 years CEDAR RAPIDS, Iowa (AP) — A prosecutor is asking a judge to sentence a founder of Peregrine Financial Group to 50 years in prison for stealing $215 million from investors and concealing his theft for 20 years. Assistant U.S. Attorney Peter Deegan told U.S. District Judge Linda Reade on Thursday that Russ Wasendorf Sr. committed fraud every day for 20 years at his Cedar Falls brokerage and victimized more than 13,000 customers.

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