from Zero Hedge:
It only took 20 years, a trail of counterfeit documents, superficial and failed audits, dubious tax returns and one unsuccessful suicide attempt, but in the end they got him: the CEO of failed commodity brokerage Peregrine aka PFG, Russell Wasendorf has been indicted on 31 charges of lying to government regulators regarding the failed brokerage’s operations. He faces a maximum sentence of 155 years’ imprisonment on the charges and fines of about $7.75 million, according to a statement from the U.S. Attorney’s Office for the Northern District of Iowa. There is also that whole $215 million in commingled and subsequently stolen client money but that’s another matter. In other words, just like Bernie Madoff, Wasendorf is going away for a long, long time for doing precisely what everyone else does: the first one for engaging in a ponzi even as now everyone acknowledges the entire system is one big ponzi – does that make it better and legitimate: apparently so; the second one for commingling client cash for personal benefit. As a reminder, this is what JPM did with $350 billion in excess deposit cash as part of its London whale trading fiasco, and broadly what every bank in the post Glass-Steagall world does with the roughly $8 trillion in total US bank deposits.
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