Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Peregrine Financial Group CEO gets 50 year sentence

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Last time I mentioned Peregrine Financial Group here, the news was that the CEO has signed a plea deal.

Today he was sentenced to 50 years in prison – Chicago Tribune – Former Peregrine CEO Wasendorf gets 50 years in prison

He was also ordered to pay $215.5 million of restitution.

With an age of 64, that will be a life sentence.

To refresh your memory, he embezzled something in the range of a couple hundred million dollars over 20 years. Part of his scheme included fabricating bank statements.

The pleas for leniency met with observations that his good works were funded by the money he embezzled.

Written by Jim Ulvog

January 31, 2013, 19:52 pm at 7:52 pm

Posted in Fraud

Tagged with , ,

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