United States of America vs. Russell Wasendorf Sr.

Criminal Complaint


Russell Wasendorf Sr., the chief executive of the futures brokerage firm Peregrine Financial Group, violated section 1001(a)(1) & (3) of Title 18 by “making and using false statements in a matter within the jurisdiction of the Government of the United States” according to a criminal complaint filed this week in the United States District Court for the Northern District of Iowa (embedded below). Wasendorf reported attempted to take his own life as the fraud at Peregrine Financial (also called PFGBest) came to light and left suicide notes and other documents detailing his decades-long fraud, according to the complaint. Peregrine Financial filed a chapter 7 bankruptcy petition earlier this week in the bankruptcy court in Chicago.

According to an affidavit from an FBI agent attached to the complaint, a signed statement found in Wasendorf Sr.’s vehicle stated in part:

"I have committed fraud. For this I feel constant and intense guilt. . . . Through a scheme of using false bank statements I have been able to embezzle millions of dollars from customer accounts at Peregrine Financial Group, Inc. The forgeries started nearly twenty years ago and have gone undetected until now."

The FBI affidavit goes on to detail just how severe the forgeries were: fraudulent U.S. Bank statements depicting account balances in excess of $221.7 million were used prepare 2011 year end financial statements sent to the CFTC. The actual amount in the U.S. Bank accounts at that time was less than $6.4 million.

Visit the new Chapter11Cases.com

We’ve added access to numerous free resources, including the full text of thousands of court opinions, as well as the Bankruptcy Code, Bankruptcy Rules and much, much more

LOADING PDF: If there are any problems, click here to download the file.

Reference Info:Pleadings | Federal, 8th Circuit, Iowa | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Randall Reese, Restructuring Concepts LLC | Attorney Advertising

Written by:


Restructuring Concepts LLC on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.