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Wasendorf Sr. Arrested, Admits 20-Year Fraud, FBI Says

Reuters – Russell Wasendorf Sr. was arrested on Friday [July 13] after allegedly stealing more than $100 million from clients of his now-bankrupt brokerage PFGBest, using little more than a rented P.O. Box, Photoshop and inkjet printers to dupe regulators for decades.

In the dramatic conclusion to a week-long drama that has shaken trader confidence in the trillion-dollar U.S. futures markets, FBI agents arrested Mr. Wasendorf Sr., 64, at the Iowa City, Iowa, hospital he was taken to after he tried to

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