CEO Of Collapsed Future Brokerage’s Suicide Note: ‘I Embezzled Millions Of Dollars From Customer Accounts’
The AP reports Russell Wasendorf Sr., the CEO of collapsed futures brokerage Peregrine Financial Group, has been arrested by the FBI.
He’s been charged with making false statements to regulators.
Bloomberg is reporting that prosecutors are saying the fraud began 20 years ago.
Attain Cappital, which has been at the forefront of speaking on behalf of an outraged brokerage community, has a copy of the complaint.
It quotes from the suicide note found in Wasendorf’s car.
“I have been able to embezzle millions of dollars from customer accounts,” the complaint quotes Wasendorf as writing.
“I had no access to additional capital and I was forced into a difficult position: Should I go out of business or cheat?”
“When it became common practice for … regulators to mail balance confirmation forms, I opened a PO box.”
“When online banking became prevalent I learned how to falsify online bank statements and regulators accepted them without question.
“Using a combination of Photo Shop, Excel, scanners, and both laser and in jet printers I was able to make very convincing forgeries of nearing [sic] every document that came from the bank.”
Copy of the suicide note below…