Dunno about you, but I’m beyond tired of the parade of thieving 1% maggots who loot their companies like it’s a private piggy bank. Since Peregrine founder and Chairman Russell Wasendorf Sr. has admitted to the fraud, I suppose there’s a wee bit of a teensy chance he might actually go to prison but I’m not holding my breath considering the inability of the feds to bring most of these parasites to justice.
The head of collapsed brokerage firm Peregrine Financial Group Inc. admitted to defrauding clients out of more than $100 million over nearly 20 years by personally doctoring bank statements and duping auditors.
Let’s get one thing clear here. 20 years of continual and deliberate fraud means Wasendorf is a career criminal. He is not a respectable businessman who went rogue. He founded the company 22 years ago. Thus, he’s pretty much always been a scumbag and a thief.
Mr. Maggot tried to kill himself after his greedy little plan blew up in his face and over $200 million in client money vaporized. So, there’s still money unaccounted for, and what did he do with the $100 million.
In his written statement, Mr. Wasendorf said he was the only person at Peregrine aware of his fraud, saying he had used “careful concealment” and “blunt authority” to hide it from his employees.
Gosh, that sounds just like what Bernie Madoff said. And he was lying, probably to protect his sons, brother, and wife. Oh, he has a son, Russell Wasendorf Jr., who I’m sure is as gobsmacked by all this as we all are.
“I have committed fraud. For this I feel constant and intense guilt,” said his suicide note. Really? Then I guess he must have been feeling agonizing guilt for 20 long years as he spent $100 million that he stole.