On Wednesday, Linda Reade, chief judge for the U.S. District Court for the Northern District of Iowa in Cedar Rapids, entered a consent order imposing a permanent injunction against U.S. Bank and ordering the bank to pay $18 million to be returned to PFG customers, via the former companys court-app
Date: Feb 04, 2015
Category: Business
Source: Google
US Bank to pay $18M to customers of collapsed Iowa brokerage
The payment will go to customers who had accounts to trade domestic commodities futures through the now-collapsed Peregrine Financial Group, Inc., under the settlement approved by U.S. District Judge Linda Reade.
S. District Judge Linda Reade gave Wasendorf the maximum prison sentence available for the fraud and embezzlement charges to which he pleaded guilty in September. She cited the "staggering losses" his theft caused to 13,000 commodities investors who lost money and hundreds of employees who lost jobs
U.S. District Judge Linda Reade told Wasendorf, 64, that the stiff sentence was warranted because of the "staggering losses" his greed caused to more than 13,000 investors, employees and creditors over 20 years.
"Russell Wasendorf, Sr., has strong incentive to abide by terms and conditions of release, so that he can maximize the time he can spend with his wife, his family, and his friends before he is sentenced," Kelly wrote to U.S. District Judge Linda Reade.
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