Russ Wasendorf in court Thursday; judge to decide on PFG assets - KTIV News 4 Sioux City IA: News, Weather and Sports

Russ Wasendorf in court Thursday; judge to decide on PFG assets

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Written by Jackie Manternach, Producer - email

  • Russ Wasendorf in court Thursday; judge to decide on PFG assets

  • The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.
    The CEO of PFG stole more than $215 million from more than 13,000 victims and was sentenced to 50 years in federal prison. All related stories can be found here.
WATERLOO (KWWL) -

Former CEO of Peregrine Financial Group Russ Wasendorf Sr. is expected to be sentenced to prison Thursday for embezzling up to $215 million in customer funds.

The judge in his trial will also be faced with the unusual decision of how to divvy up the company's remaining assets.

The judge must decide whether customers who traded foreign currency through PFG are entitled to getting some or all of their money back, even though they may have known going in that such trades were less protected.

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