CEO Of Collapsed Brokerage Embezzled Hundreds Of Millions In Customer Funds Because Regulators Were Mean
The note and the statement, which a person familiar with the situation said were left by Peregrine Chief Executive Russell Wasendorf Sr., blames the fraud on "mean spirited" regulators that dogged his firm, saying they were looking to put firms out of business rather than protect commodities investors. The statement also said that deceiving the regulators was "relatively simple." [WSJ via BI, earlier]