John’s Desk

djsblack and the case of Russell Wasendorf Sr.

Russell Wasendorf Sr. was arrested on Friday July 13th for a 20 year $100 Million dollar fraud.  Who is Russell Wasendorf Sr. and why does this matter?

This fraud matters because it is another major fraud in the USA’s financial sector.  One of the great assets of the United States is that people of all backgrounds could be reasonably assured that major US financial firms were trustworthy.  This confidence results in lower interest rates, easier access to investment dollars, faster business growth, and more jobs.  Frauds like Bernie Madoff’s (Dec 2008), MF Global and Jon Corzine (Oct 2011), Allen Stanford (2009), and now Russell Wasendorf Sr. and his Peregrine Financial Group (2012).

Who is Russell Wasendorf Sr.?  Well a quick search of the internet and here is what I find.  A blogger in 2008 specifically fingers Russell Wasendorf Sr.

His campaign contributions into the Chicago Political machine where many of our major financial firms are located makes one wonder–is the stack of cards located against the investors?  — blogger djsblack of San Francisco 2008

djsblack shockingly continues with unbelievable accuracy!!!  Remember this is 4 years before the collapse of Russell Wasendorf’s Peregrine.

How about Peregrine Financial Group’s acquisition of American National Trading aka the “ANTC” Group?

A cursory review of American National would reveal that their main principals and firm was alleged to be in violation by the National Futures Association of:

C.R.2-2(a) – CHEAT,FRAUD DECEIVE CUSTOMERS C.R.2-9(a) – SUPERVISION OF EMPLOYEESC.R.2-29(a)(1) – FRAUDULENT COMM. TO PUBLIC PROHIB

Gee, how inspiring.

But, nonetheless, Peregrine Financial Group, announced that: “PFG and ANTC are joining forces to better serve ANTC’s customers,” said PFG Chairman and Chief Executive Officer Russell R. Wasendorf, Sr. “There are so many synergies, and we believe there will be significant benefits to ANTC customers.

Synergies? Benefits? So Many?

Really.

From a very cursory public regulatory records search—which doesn’t include any civil or criminal complaints—there appears to be over 40 customer complaints with either the National Futures Association and/or the Commodity Futures Trading Commission against Peregrine Financial Group alone.

Not very inspiring of “trust” is it?

The future of our ability to invest with confidence and trust, and to believe what our capital market Financial Firms do, is how they perform, or what they don’t perform.

Based on the recent meltdown in the large New York and Chicago Securities and Financial Firms, that appears to have been replaced with a culture not only of greed, but of our collective ennui.

As to Mr. Wasenforf, Peregrine Financial, and other of his companies, how many times have they not had enough capital to legally operate one must wonder why they’re still in business?

Quite a few actually. Are they using our trust monies to gamble with?

Are there any connections between Wasendorf, Tony Rezko, or the indicted Illinois Governor?

Time will tell.

But for a firm that was allegedly started in a “basement” the fact that Wasendorf’s firm, Peregrine, sues all of his clients that his company loses money on behalf, is surely a clue to be aware of that these guys are no different than many of the others that have lost the public trust.

Which other companies, people, and politicians are next in line to be found liable in this unbelievable Chicago corruption?

Continue reading at NowPublic.com: Does PFGBest have ties to Illinois Gov’s Corruption Scandal? | NowPublic News Coverage http://www.nowpublic.com/tech-biz/does-pfgbest-have-ties-illinois-govs-corruption-scandal#ixzz21QiwmXea

 

djsblack you deserve some type of award :-)

Given the Occupy Wall Street movement which focuses their anger at rich Republicans.  I like to do a quick investigation of the political leanings of these fraudsters.

Political Donations

Russell R. Wasendorf Sr (Peregrine Financial Group/Chairman/), (Zip code: 60603) $2000 to ROSKAM FOR CONGRESS COMMITTEE on 07/20/06 >> Conservative Republican

Kressig for Iowa House District 19 (Democrat)

10/6/2008
Check # Wasendorf, Russell Sr.

8901 W Cedar Wapsie Rd

Cedar Falls, IA 50613
None $500.00

 

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