Peregrine founder Wasendorf moved to high-security federal prison
February 28, 2013 1:00PM
Russell Wasendorf Sr. in front of the Peregrine Financial Group Inc. last year in Cedar Falls, Iowa. | Rick Chase~Waterloo Courier
Updated: February 28, 2013 1:37PM
The founder and former chief executive of the failed Peregrine Financial Group brokerage, Russell Wasendorf Sr., has been moved to the same high-security federal prison that once housed former Gov. George Ryan, the Federal Bureau of Prisons confirmed.
A judge sentenced Wasendorf to 50 years in prison Jan. 31 for stealing $215 million from investors over 20 years. The sentence means 64-year-old Russell Wasendorf Sr., who was once a prominent figure in financial circles, including in Chicago, will likely die behind bars because he’ll have to serve at least 42½ years. Wasendorf’s brokerage, which operated under the name PFGBest, had a large presence in Chicago.
Wasendorf, who turned 65 on Monday, was moved to the U.S. Penitentiary in Terre Haute, Ind. The move was first reported by