U.S. will seek 50-year prison term for Peregrine's ex-CEO

01/31/2013 | Reuters · Bloomberg · Wall Street Journal, The

Federal prosecutors are poised to tell a judge that Russell Wasendorf Sr., former head of Peregrine Financial Group, should spend 50 years in prison for defrauding the now-bankrupt firm's customers. Meanwhile, Russell Wasendorf Jr. said his father's fraud has left him personally and financially devastated. "I wish I could somehow fix what he did, but it is impossibly large and the damage too immense," Wasendorf Jr. said.

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