Wednesday, 1 October 2014
Last updated 5 hours ago
Jan 16 2013 | 11:26am ET
The founder of collapsed futures brokerage Peregrine Financial Group will be sentenced at the end of the month.
Russell Wasendorf is facing what could amount to a life sentence; the 64-year-old could be sent to prison for between 24 and 50 years for defrauding clients of more than $200 million. His sentencing is set for Jan. 31, according to a court filing this week.
Wasendorf pleaded guilty to mail fraud, embezzlement and making false statements to regulators in September. He was arrested in July as PFG fell apart and just before he attempted suicide. In a written confession, he admitted to "fraud" and to having "cheated," acknowledging he took "more than $100 million" in client money to shore up the firm.
Wasendorf has remained in custody since his arrest.
In addition to decades in prison, Wasendorf could be fined $3.3 million. He's already agreed to pay restitution, although the trustee liquidating PFG has said customers could face losses of up to $190 million. A recent auction of Wasendorf's and PFG's property raised just $1 million.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...