Russell Wasendorf Sr., founder of the bankrupt commodities firm Peregrine Financial Group Inc., pleaded guilty to stealing more than $100 million from its customers, Bloomberg News reported yesterday. Wasendorf yesterday admitted to embezzlement, mail fraud and two counts of lying to federal regulators in an appearance before U.S. Magistrate Judge Jon Scoles in Cedar Rapids, Iowa. Wasendorf's crimes came to light on July 9 when the National Futures Association, an industry self-regulator, announced that about $200 million in customer funds the firm reported was on deposit at its bank were unaccounted for.
