US broker admits $100m fraud

The boss of a futures brokerage has pleaded guilty to embezzling over $100m from 24,000 customers in the US state of Iowa.

Russell Wasendorf, founder of Peregrine Financial Group faces at least 24 years in jail after admitting to charges including mail fraud, embezzling customer funds and making false statements to two regulatory agencies. His customers were invested mainly in commodities, including corn and gold, and have not been able to access their accounts since the firm filed for bankruptcy in July, the BBC reports. However, with the company's assets, including a corporate jet and a publishing company, being sold off, they are expected to gain back an initial 30-40% of their investment in the coming...