Russell Wasendorf Jr. Speaks Out, Says He Won't Visit His Father in Prison

Russell Wasendorf Jr. says his dad, the one-time Peregrine Financial Group CEO, is dead to him.

Wasendorf Jr., in an interview with Reuters, said he has started a new life far from Cedar Falls and has no interest in visiting his father, Russell Wasendorf Sr., in prison:

"As far as I am concerned, he died that day," he said.

Wasendorf Sr., 65, is serving 55 years in prison for embezzling over $200 million while he was CEO of Peregrine Financial Group.

He was arrested after attempting suicide outside the Peregrine headquarters in Cedar Falls in July. His suicide note detailed his two decades of fraud. Before his arrest, Wasendorf was considered an exemplory citizen, well known for his philanthropy and community engagement.

With Wasendorf imprisoned in a high security prison in Terre Haute, Indiana, that record has now been tarnished.

His son, Wasendorf Jr., has moved to Orlando, Florida, with his family, where Reuters reports he has started an online service, Orange Tree Deals. He said he had turned down offers to consult on futures and currency trading.

"I really want to just try to move on," Wasendorf Jr. told Reuters. "I don't have any real desire at this point to go back into that side of the business. I've been burnt awfully badly after spending 25 years of my life there."

However, he can't put it completely behind him yet. He, his father, U.S. Bancorp and JPMorgan Chase are named in a class action lawsuit brought by 13 former Peregrine Financial Group customers. The lawsuit alleges Wasendorf Jr., as former chief operating officer of the commodities trading firm, was complicit in his father's fraud, something Wasendorf Jr. denies. At least until the lawsuit is resolved, however, Wasendorf Jr. can't completely escape the shadow of his father's transgressions.

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