Wasendorf has admitted taking customer money over nearly 20 years to promote his image as a successful businessman and philanthropist, and falsifying documents to hide the theft from the National Futures Association and the U.S. Commodity Futures Trading Commission, which regulated the company. Wasendorf, 64, faces up to 50 years in prison for the fraud, which shook confidence in an industry that was still reeling from the collapse of MFGlobal."It's unbelievable Wasendorf was stealing out of the regulated side of the business and not the unregulated side," said John Roe, co-founder of the Commodity Customer Coalition, which is lobbying for quick and maximum refunds for commodity customers. He called forex trading "the Wild West" of the industry since it lacks strict oversight, but said, "Amazingly, their money for the most part is there. It's going to be very interesting to see how the law treats that."
Victims Jockey To Maximize Refunds In PFGBest Case
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.