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PFGBest Accounts Frozen (PFG scandal big thread)
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PFGBest Accounts Frozen (PFG scandal big thread)

  #681 (permalink)
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Source: UPDATE 4-Peregrine CEO pleads guilty to fraud; to stay in jail | Reuters


Quoting 
* Wasendorf pleads guilty to embezzlement, other crimes

* Former CEO to stay jailed pending further court order

* Wasendorf was previously set to be released after pleading

* Prosecutors argue Wasendorf may flee, access hidden assets

* Son claims in lawsuit that Wasendorf had help in fraud

By Tom Polansek and Ryan Schlader

Sept 17 (Reuters) - Peregrine Financial Group's former Chief Executive Russell Wasendorf Sr. pleaded guilty on Monday to embezzling more than $100 million from customers of his futures brokerage, lying to regulators to cover his tracks, and mail fraud.

Previously expected to be set free from jail pending his sentencing, Wasendorf was told he will remain behind bars while a judge determines whether he is a flight risk.

Wasendorf, 64, agreed earlier this month to plead guilty after confessing in July to stealing from his customers for nearly 20 years.

In a small courtroom in Cedar Rapids, Iowa, Magistrate Judge Jon Scoles confirmed that Wasendorf wanted to plead guilty to each of four charges.

"Are you pleading guilty because you are guilty?" Scoles asked the former futures-industry executive, who was wearing an orange prison jumpsuit and shackled at the wrists and ankles.

"Yes, your honor," Wasendorf replied.

Prosecutors said in court that Wasendorf, who faces up to 50 years in prison, should spend the rest of his life behind bars. Wasendorf's public defender argued for a sentence of about 24 to 30 years, which could be a life sentence given his age.

A date for his sentencing was not set.

LOCKED UP

Wasendorf attempted to kill himself on July 9 near the headquarters of his Cedar Falls, Iowa, brokerage. He was arrested on July 13 and charged with 31 counts of lying to federal regulators.

The search continues for the money he stole. Former clients are still unable to access funds frozen since the firm's bankruptcy on July 10.

Wasendorf previously was expected to be released from the Linn County Jail in Iowa, where he has been held in isolation and under suicide watch since his arrest, after he pleaded guilty on Monday.

In approving the release last week, Scoles said Wasendorf's chances to flee were limited because he had surrendered his passport and assets to authorities.

However, prosecutors on Monday objected to the plan and Chief Judge Linda Reade of the U.S. District Court of the Northern District of Iowa ruled that Wasendorf "shall remain detained pending further order of the court," according to a court filing.

A date for the next order was not released.

The public defender representing Wasendorf has declined to comment.

Prosecutors argued Wasendorf should stay behind bars because there is a "serious risk" he might flee.

"Defendant's crime is nothing short of breathtaking," prosecutors said in a court filing.

HIDDEN ASSETS?

The total amount Wasendorf stole is not clear.

Prosecutors said Wasendorf stole about $200 million and that they were worried he could access assets that may be hidden from authorities.

"If even the smallest portion of such a vast amount of money were hidden away, it could be all (the) incentive and means that defendant might need to flee a probable life sentence," prosecutors said in a filing.

The Commodity Futures Trading Commission has filed a lawsuit against Wasendorf and his firm, saying the CEO misappropriated more than $200 million in customer funds over several years.

Wasendorf claimed he acted alone in the fraud.

However, a civil lawsuit filed on Friday by the CEO's son, who was Peregrine's president, said Wasendorf had help from a woman who claimed to work for U.S. Bank, which held the account from which the elder Wasendorf stole. The woman told regulators in 2011 to disregard account balances that had been supplied directly by the bank in favor of inflated figures, supplied unbeknownst to them by Wasendorf, according to the lawsuit.

U.S. Bank said the lawsuit has no merit.

Wasendorf has met with authorities working to piece together his crime and track down his assets. Prosecutors said in a filing that his cooperation was "primarily designed to bolster his argument for release."

Wasendorf was set to move in with Linda Livingston, a pastor in Iowa who has counseled him in prison, if he was released. She attended the court hearing on Monday but did not speak to reporters.

Wasendorf has told authorities he is no longer suicidal.

Prosecutors said in a filing that "none of what defendant says can be taken at face value."

Mike

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  #682 (permalink)
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pfg, a small news worthy item slipping by most of us.



did you notice some details in mike's long post....?

never imagined in a thousand years, that anyone would reward him, granting him to stay with his girl friend while awaiting sentencing.

though the wordings are not precisely that, but those who have been damaged surely would read with hawks' eyes....

....Wasendorf was set to move in with Linda Livingston, a pastor in Iowa....

well, the lady judge was surely wise enough to see thru all the smoke screens setup by those who still wanted to pamper him....
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  #683 (permalink)
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nakachalet View Post
did you notice some details in mike's long post....?

never imagined in a thousand years, that anyone would reward him, granting him to stay with his girl friend while awaiting sentencing.

though the wordings are not precisely that, but those who have been damaged surely would read with hawks' eyes....

....Wasendorf was set to move in with Linda Livingston, a pastor in Iowa....

well, the lady judge was surely wise enough to see thru all the smoke screens setup by those who still wanted to pamper him....
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I highly doubt that the pastor is his GF. He just got married a few months ago.

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  #684 (permalink)
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the very latest NEW twists on pfg, hopefully more money for us

the very latest NEW twists on pfg, hopefully more money for former segregated customers like many of us....

PFGBest Update: What the U.S. Bank Suit Means | Attain Capital Managed Futures Blog

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  #685 (permalink)
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ron99 View Post
I highly doubt that the pastor is his GF. He just got married a few months ago.

personally, to stay with a female in the same home, particularly a supposedly female minister of any denomination,

is really NOT a good idea for anyone; particularly concerning case such as this, just my personal opi.

besides, it appears that a petition for nullification of the marriage in question at las vegas, has already been submitted by the 'bride'.

mostly, former clienteles like many of us, just want our segregated funds and deposits being made good wholly or partially, asap. HOPEFULLY, SOONER.

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  #686 (permalink)
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civil lawsuit by jr. a smokescreen of some plan imo. I hope they all get rounded up eventually, . jr., the cfo, the other execs and the homemade suburb accountant.

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  #687 (permalink)
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another court doc to digest the prior indigestion on pfg....

it appears the final hearing (DISBURSEMENT), depending on court's availability, might be scheduled for, next week,

thursday, SEPTEMBER 27; or

during the week of OCTOBER 1, 2012.


but it is only about 30% of our hard earned trading funds, which would be distributed back to us....

don't really know.... whether to LAUGH.... or to CRY.... ?

here is the details, only 8 pages long....


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Last edited by nakachalet; September 21st, 2012 at 05:07 PM.
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  #688 (permalink)
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< CONTINUE PAGES 5 TO 8: >

nakachalet;264938]it appears the final hearing (DISBURSEMENT), depending on court's availability, might be scheduled for, next week,

thursday, SEPTEMBER 27; or

during the week of OCTOBER 1, 2012.


but it is only about 30% of our hard earned trading funds, which would be distributed back to us....

don't really know.... whether to LAUGH.... or to CRY.... really?

here is the details, only 8 pages long.... (CONT. pp5-8)
--------------
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  #689 (permalink)
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DO the underlined words confuse anyone further....?

just wonder, if i need to order a new pair of glassess....

concerning the underlined phrase.... double negative at the end of the sentence....

.... while providing reasonable assurance that such funds will not be NOT MISDIRECTED....

well, it probably was just my own exhaustion.
------------------

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  #690 (permalink)
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Reuters Special Report on PFG


Reuters has just published an exhaustive two part special report on the fraud perpetrated by Russ Wassendorf. Wassendorf spent tens of millions of dollars on luxury items and in failed business ventures with money stolen from client accounts.

Part One: Special Report: Iowa broker built empire on a lie concealed in a postal box | Reuters

Part Two: Special Report: As Peregrine teetered, founder went on shopping binge | Reuters

One of the most distressing aspects of the fraud is that Wassendorf was nearly caught last year in a routine audit but managed to head off the NFA with a last second fax that allowed him to keep the fraud going for another year. The episode highlights the need for greater auditing and accounting standards, not to mention the need for more financial disclosures for brokers so as to prevent lone wolf CEO's like Wassendorf from hiding the true state of their firm's finances.

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