Post by Forever Sunshine on Jul 17, 2012 18:22:34 GMT -5
Russell Wasendorf Sr. lashed out at "mean-spirited" regulators for driving him to commit a multimillion-dollar, 20-year fraud at his Iowa-based brokerage, the Wall Street Journal reported on Tuesday, citing previously unreleased portions of a signed confession.
Wasendorf, the 64-year-old founder of Peregrine Financial Group, said in the confession that he had spent most of the money - more than $100 million by his own estimates - on shoring up his firm's capital, funding a new headquarters in Iowa and paying fines and fees, according to the Journal.
"Most of the misappropriated funds went to maintain the increasing levels of Regulatory Capital to keep in business and to pay business," Wasendorf wrote in the signed statement.
bottomline.msnbc.msn.com/_news/2012/07/17/12794193-iowa-broker-says-he-spent-most-of-missing-money?lite
Wasendorf, the 64-year-old founder of Peregrine Financial Group, said in the confession that he had spent most of the money - more than $100 million by his own estimates - on shoring up his firm's capital, funding a new headquarters in Iowa and paying fines and fees, according to the Journal.
"Most of the misappropriated funds went to maintain the increasing levels of Regulatory Capital to keep in business and to pay business," Wasendorf wrote in the signed statement.
bottomline.msnbc.msn.com/_news/2012/07/17/12794193-iowa-broker-says-he-spent-most-of-missing-money?lite
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