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Friday, Apr 4, 2025

CEO Admits Spending Missing Client Money

In letters left when he attempted suicide last week, Peregrine Financial Group Inc.’s founder admitted he spent most of an estimated $215 million allegedly embezzled from customers to cushion his trading firm’s capital and fund a new corporate headquarters, according to the Wall Street Journal. Russell Wasendorf’s failed suicide attempt prompted regulatory and criminal investigations of the Cedar Falls, Iowa company.

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