PFG's CEO Explained Details of 20 Year Fraud in Suicide Note (Text)

Source: PFG brochure
Russell Wasendorf Sr., Chairman and CEO of the bankrupt futures brokerage firm PFGBest, which currently has $215 million of customer funds missing, explained in his suicide note how he embezzled millions of dollars from customer accounts for 20 years by forging "bank statements" with "Photo Shop, Excel, scanners, and both laser and ink jet printers". And he also forged "official letters and correspondence from the bank, as well as transaction confirmation statements." He failed to kill himself though, and was eventually arrested. He made his first court appearance on Friday. Below is a snapshot of his suicide note and the FBI's criminal complaint and affidavit charging Russell Wasendorf Sr. with "making and using false statements" to regulators. It's getting volatile in futures brokerage land. Any more shoes to drop? Here are links to more articles to read. It was weird finding this 20th anniversary graphic in PFGBest's brochure.

  • Insight: PFGBest regulator known for inexperienced auditors (Reuters) - "The watchdog that missed for nearly two decades the blatant fraud at failed brokerage PFGBest has frequently sent out fresh college graduates to look over the books of complex financial firms."
  • PFGBest chief: Prickly Iowa hero met stiff welcome in Chicago (Chicago Tribune)
  • For Some PFG Customers: 'It's MF Global All Over Again' (WSJ)
  • PFGBest regulator: New technology caught $100 million PFGBest fraud (Reuters)
  • UPDATE 1-Bankrupt broker Peregrine has two months to wind down (Reuters)

Federal Complaint Against Russell Wasendorf - CEO of PFGBest
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