Russell Wasendorf Sr., founder and chairman of Peregrine Financial Group in Iowa, attempted to kill himself after his firm was unable to account for $220 million in customer money. His employees found him in his car with a suicide note and a tube connecting the tailpipe to the interior of the vehicle. Wasendorf was in a coma when emergency crews got a hold of him. Wasendorf and his firm are being charged with misusing customer funds and failing to keep them separate from company money. His company would help customers buy, sell and trade foreign currency and futures and options.
Fraud expert Linda Webb, aka The Fraud Dog, says fraudsters who steal millions from Americans should come clean and face the consequences of their actions. Longer terms in jail for fraudsters is needed. We must do a better job at catching the fraud, before 200 million dollars goes out the door. 1 out of 3 Americans will be defrauded each year and American’s are tired of being victimized. Our call to action, is to get Americans involved and to speak out if they have been defrauded. We must stop fraud now. Let’s send a message back to the fraudster that there will be zero tolerance for fraud. Fraudsters must face longer jail sentences and send a message that there will be strong repercussions if you commit fraud.
To report potentially fraudulent activity, contact Linda Webb aka The Fraud Dog, leading fraud expert at 1-855-FRAUD-DOG.