August 22, 2014

Former wife of convicted embezzler Russell Wassendorf agrees to settlement

The ex-wife of a convicted embezzler from northeast Iowa has reached a settlement agreement with those seeking to recover the stolen money. Russell Wasendorf Senior admitted to taking 215 million dollars from the customers at his Cedar Falls-based brokerage firm Peregrine Financial Group. The theft was discovered after Wasendorf attempted suicide in July of 2012.

His ex-wife, Connie Wasendorf, was not charged in the crime, but prosecutors say she benefited from it through generous monthly payments in their divorce settlement. Connie Wassendorf has agreed to pay back nearly $2.85 million. A judge has to approve the deal.

Russel Wasendorf is serving 50 years in federal prison.