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Friday, Feb 1
Peregrine Financial founder Russell Wasendorf is set to spend the rest of his life in prison...
Peregrine Financial founder Russell Wasendorf is set to spend the rest of his life in prison after he was sentenced to 50 years for embezzling hundreds of millions of dollars from his brokerage's customers, who are unlikely to get all their money back. Wasendorf was also told to pay $215.5M in restitution. Meanwhile, Roomy Khan, an FBI informant in the insider-trading case against Galleon Group founder Raj Rajaratnam, received 12 months in jail for securities fraud, obstruction of justice and conspiracy.