ST LOUIS (LALATE) – Russell Wasendorf’s suicide note prompted the Peregrine CEO’s arrest today. Peregrine Financial Group Inc CEO Russell Wasendorf Sr. was arrested Friday by investigators, the U.S. Attorney’s Office confirms to news. Charges were originally filed on Tuesday. But on Monday, his suicide note was unearthed by investigators.
Russell Wasendorf suicide note was recovered from his vehicle on Monday. That same, Wasendorf attempted suicide, officials tells news.
In the suicide note, Wasendorf admits to falsifying key financial documents. The note includes assertions that he did so for two decades through the use of basic devices and software.
Wasendorf claims that he used scanners, printers, and simple computer programs to mislead individuals for decades. The company filed for Chapter 7 bankruptcy protection one day after the note was uncovered.
In his suicide note, he wrote “I have committed fraud. For this I feel constant and intense guilt.” He added “I had no access to additional capital and I was forced into a difficult decision: Should I go out of business or cheat? I guess my ego was too big to admit failure”.
He appears in Federal court at 4 pm today in Cedar Rapids, Iowa. He has been charged with making and using false statements in a matter within the jurisdiction of the government of the United States.
He also writes in the note “Using a combination of Photo Shop, Excel, scanners, and both laser and ink jet printers I was able to make very convincing forgeries of nearing every document that came from the Bank. I could create forgeries very quickly no one would suspect that my forgeries were not the real thing that had just arrived in the mail.”
He said he kept the practice going on for years. “With a careful concealment and blunt authority I was able to hide my fraud from others at PFG. PFG grew out of a one man shop, a business I started in the basement of my home. As I added people to the company everyone knew I was the guy in charge.” More excerpts can be read HERE.