Disgraced former Peregrine Financial CEO Russell Wasendorf Sr. is in jail awaiting sentencing for embezzling over $200-million in customer funds, fraud, and lying to federal regulators.
Now the state says he may have also cheated on his taxes.
Court records show The Iowa Department of Revenue has accused Russ and his former wife Connie of under-reporting their income and dodging millions in taxes.
The couple allegedly under-reported their income by around $8.3-million per year over an 8 year period from 2001 when they lived in Cedar Falls.
Records show the department filed an assessment in November against Russ and Connie seeking $14.1-million in unpaid taxes and penalties to Iowa.