Wasendorf sentenced to 50 years in prison - KWWL - Eastern Iowa Breaking News, Weather, Closings

Wasendorf sentenced to 50 years in prison

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CEDAR RAPIDS (KWWL) -

Russ Wasendorf, Sr., will effectively spend the rest of his life in prison.  Thursday a federal judge gave the 64-year-old Wasendorf a 50 year sentence.

Wasendorf stole more than $215 million in customer funds from his commodity futures business, the now-bankrupt Peregrine Financial Group, Inc. (PFG), headquartered in Cedar Falls.

According to information disclosed at the sentencing hearing, Wasendorf stole from more than 13,000 victims over the course of nearly 20 years.

The 50-year sentence is the maximum allowed by law for his offenses of conviction.  Wasendorf must also serve a three-year term of supervised release after the prison term.

The Court imposed a judgment of forfeiture in the amount of $100 million and it ordered Wasendorf to make $215,530,041.39 in restitution to more than 13,000 victims. As part of the plea agreement, Wasendorf agreed that any proceeds from any publicity about his crimes would be assigned to the United States and applied toward his restitution. 

Wasendorf is being held in the United States Marshal's custody until he can be transported to a federal prison.

There is no parole in the federal system.

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