Russell Wasendorf Sr. will spend the next 50 years in prison for stealing money from investors.
Sentencing was Thursday in Cedar Rapids for the former CEO of Peregrine Financial. Wasendorf pleaded guilty to embezzling $200 million in customer funds and was given the maximum sentence of 50 years in prison.
The judge still has to decide how to divvy up the company’s remaining assets.
The judge must also decide if some customers who traded foreign currencies are entitled to get their money back or if those customers going into those trades were less protected.