Wasendorf and Ex-Wife Owe Iowa $14 Million

Posted in: Iowa City Owl
Former Peregrine Financial Group CEO Russ Wasendorf, Sr. and his ex-wife as well face debt as a result of Wasendorf's convictions he is facing for misusing million dollars of customer funds and failing to accurately report tax information for a total of about two decades

Russ Wasendorf Sr. nearly pulled off a 20-year-long fraud that took millions of dollars from customers and from the government as well. Unfortunately, the plan did not go as well as Wasendorf had hoped.

The investigation started out when the Iowa Department of Revenue had reason to believe that Wasendorf had not reported what he should have on his taxes by millions of dollars between 2001 and 2009.

This investigation erupted when Peregrine Financial Group went bankrupt and Wasendorf himself attempted suicide, leaving a confession to his large scam in the letter. Wasendorf lived, and faced trial for his crimes.

Wasendorf pled guilty to the charges he faced. He allegedly did not report over $8 million in income over an 8-year+ period of time, and now faces over $14 in debt for his crimes. In addition, he spent customer funds instead of storing them in accounts and did not report them. 

Wasendorf's ex-wife was discovered to be in on the scam as well and is also being charged with the debt. They were married for the entire time of the alleged scandal, so she faces charges for being involved.

Many of Wasendorf's properties have been sold in order to fulfill this large debt Wasendorf now faces as a result.
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