50-Year Max Sentence for Marion Native Wasendorf Charged With Embezzling Over $200 Million

Judge Linda Reade sentenced Russell Wasendorf Sr., the former CEO of Peregrine Financial Group, to 50 years in prison Thursday, the Des Moines Register reports.

That is the maximum sentence possible for Marion-native Wasendorf, 64, who was charged with lying to federal authorities and embezzling over $200 million through falsified bank documents over a 20 year period.

Wasendorf was arrested after attempting suicide outside the PFG 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 his international brokerage firm in bankruptcy, authorities will next determine how much each of his 13,000 victims will be repayed.