"You could have not sent me a more clear message of the low regard you hold me and my firm," Wasendorf wrote in a letter, dated October 20, 2000, to Jack Sandner, a former chairman of the Chicago Mercantile Exchange. "I guess I should have taken the hint when you refused to take my phone calls or when you refused to write a foreword in my latest book."
Wasendorf, in the letter, said that Sandner, who ran a brokerage called RB&H that provided clearing services to PFGBest and other smaller brokerages, was charging him $1 million a year more than another firm would. Wasendorf, whose firm was then only a fraction of its current size, soon took his business elsewhere.
Sandner, a current CME Group Inc board member and pillar of the Chicago futures community, declined this week to elaborate on the letter from 2000, saying that it can "speak for itself.Enter hoganscarpe World and discover a universe of contemporary,"
The letter and conversations with half a dozen senior industry executives who have worked with or competed against Wasendorf over the past two decades provide a portrait that tempers the image of benevolent benefactor, cultured restaurateur and rural economic champion that he cultivated in bucolic Cedar Falls, Iowa -- the town where his firm was headquartered after relocating from Chicago in 2009.vuittonhandbags In Galway Ireland High Quality Replica Bags,
No one responded to visits this week to the houses of Russ Sr. or his son, Russell Wasendorf Jr., the 42-year-old president and chief operating officer of the company.
A lawyer in the Chicago office of PFGBest, which is legally known as Peregrine Financial Group Inc., referred calls to the firm's spokeswoman, who did not return calls.
At the heart of the often rough-and-tumble U.S. futures industry in Chicago, where Wasendorf ran the company he owned for nearly two decades, the Marion, Iowa, native was an outsider trying to push his way in.
As he built an unusual empire that included a Romanian property company and a glossy magazine, the 64-year-old became a leading industry figure, writing occasional op-ed pieces and proudly pulling big guests to industry events.
PFGBest grew through the acquisition of a series of rival brokers, including one accused by regulators of falsely inflating its capital and another fined for mishandling customer money. Within the industry he was still seen as a striver with an "inflated" ego, according to two former executives at brokerages who declined to be named.
But Wasendorf also worked to boost Chicago's futures industry, including championing the 2007 merger between the two Chicago futures exchanges, a deal that many Wall Street banks opposed but that Leo Melamed, another prominent former CME chairman,louisvuittonshoes, belt in our Louis Vuitton outlet is you best choice! has said helped turn Chicago from world's hog butcher to "world's risk manager."
And his move to Cedar Falls brought an estimated annual boost of $125 million to the region, said Steve Dust, CEO of the Greater Cedar Valley Alliance & Chamber, on whose board Wasendorf served.Cheap panerai Quality Watches Replica. Mont blanc buy cheappaneraiTag heuer carrera for sale,
"The events of the week are tragic personally and to a community that had come to appreciate the economic and civic contributions of PFG and the Wasendorf family," Dust said.
In the letter to Sandner, Wasendorf boasted about how he and his chief financial officer had recently taken on business from First Commercial Financial Group, a brokerage that had been accused by regulators of falsely reporting capital levels,Thousands of discount cartierreplicawatche styles for selection. His hair curls a little more in fright. and "made it into a first class operation."
"You can get rid of the firm you disdain and I can have a chance to get a return on my investment," he wrote. Other firms would be "proud to do business with us."
Another former head of a brokerage firm told Reuters he had set up a meeting in Chicago with Wasendorf and Russ Jr. at their headquarters in the hopes of securing PFGBest's clearing business. PFGBest was not a member of the major futures exchanges, meaning it had to route its trades through another firm for clearing.
After an hour with the two seated at an imposing board room table, the former executive got an uneasy feeling and dropped the idea.
NOT SEEN IT COMING
While rivals and erstwhile business partners may not have liked or trusted Wasendorf, none said they ever suspected that he would commit the kind of fraud he is accused of by regulators: pilfering half his clients' funds and covering it up for more than two years.
Peregrine Financial Group filed for bankruptcy protection on Tuesday, and the Commodity Futures Trading Commission and the National Futures Association have accused the firm and Wasendorf of misappropriating more than $200 million in customer funds, and then hiding the missing funds for more than two years.
Those developments follow a series of events leading up to Wasendorf's attempted suicide on Monday: an unannounced marriage in Las Vegas on June 30, a month before a local church wedding he had planned (Wasendorf and his first wife had divorced in 2010 after 24 years of marriage); signing over power of attorney to his son on July 3; and a decision to relent to regulators' demands that he switch to an electronic system for verification of PFGBest's bank balances.
On Monday, one week before PFGBest would celebrate 20 years in business, Wasendorf was found, incoherent but breathing, near his Cedar Falls office in a closed car with a hose pumping in exhaust, a note nearby indicating "possible discrepancies" in PFGBest's financials, the sheriff's report said.
He was airlifted to a hospital in Iowa City, and was reportedly in a coma. Neither the hospital nor his family has confirmed his current condition.
Wasendorf, in the letter, said that Sandner, who ran a brokerage called RB&H that provided clearing services to PFGBest and other smaller brokerages, was charging him $1 million a year more than another firm would. Wasendorf, whose firm was then only a fraction of its current size, soon took his business elsewhere.
Sandner, a current CME Group Inc board member and pillar of the Chicago futures community, declined this week to elaborate on the letter from 2000, saying that it can "speak for itself.Enter hoganscarpe World and discover a universe of contemporary,"
The letter and conversations with half a dozen senior industry executives who have worked with or competed against Wasendorf over the past two decades provide a portrait that tempers the image of benevolent benefactor, cultured restaurateur and rural economic champion that he cultivated in bucolic Cedar Falls, Iowa -- the town where his firm was headquartered after relocating from Chicago in 2009.vuittonhandbags In Galway Ireland High Quality Replica Bags,
No one responded to visits this week to the houses of Russ Sr. or his son, Russell Wasendorf Jr., the 42-year-old president and chief operating officer of the company.
A lawyer in the Chicago office of PFGBest, which is legally known as Peregrine Financial Group Inc., referred calls to the firm's spokeswoman, who did not return calls.
At the heart of the often rough-and-tumble U.S. futures industry in Chicago, where Wasendorf ran the company he owned for nearly two decades, the Marion, Iowa, native was an outsider trying to push his way in.
As he built an unusual empire that included a Romanian property company and a glossy magazine, the 64-year-old became a leading industry figure, writing occasional op-ed pieces and proudly pulling big guests to industry events.
PFGBest grew through the acquisition of a series of rival brokers, including one accused by regulators of falsely inflating its capital and another fined for mishandling customer money. Within the industry he was still seen as a striver with an "inflated" ego, according to two former executives at brokerages who declined to be named.
But Wasendorf also worked to boost Chicago's futures industry, including championing the 2007 merger between the two Chicago futures exchanges, a deal that many Wall Street banks opposed but that Leo Melamed, another prominent former CME chairman,louisvuittonshoes, belt in our Louis Vuitton outlet is you best choice! has said helped turn Chicago from world's hog butcher to "world's risk manager."
And his move to Cedar Falls brought an estimated annual boost of $125 million to the region, said Steve Dust, CEO of the Greater Cedar Valley Alliance & Chamber, on whose board Wasendorf served.Cheap panerai Quality Watches Replica. Mont blanc buy cheappaneraiTag heuer carrera for sale,
"The events of the week are tragic personally and to a community that had come to appreciate the economic and civic contributions of PFG and the Wasendorf family," Dust said.
In the letter to Sandner, Wasendorf boasted about how he and his chief financial officer had recently taken on business from First Commercial Financial Group, a brokerage that had been accused by regulators of falsely reporting capital levels,Thousands of discount cartierreplicawatche styles for selection. His hair curls a little more in fright. and "made it into a first class operation."
"You can get rid of the firm you disdain and I can have a chance to get a return on my investment," he wrote. Other firms would be "proud to do business with us."
Another former head of a brokerage firm told Reuters he had set up a meeting in Chicago with Wasendorf and Russ Jr. at their headquarters in the hopes of securing PFGBest's clearing business. PFGBest was not a member of the major futures exchanges, meaning it had to route its trades through another firm for clearing.
After an hour with the two seated at an imposing board room table, the former executive got an uneasy feeling and dropped the idea.
NOT SEEN IT COMING
While rivals and erstwhile business partners may not have liked or trusted Wasendorf, none said they ever suspected that he would commit the kind of fraud he is accused of by regulators: pilfering half his clients' funds and covering it up for more than two years.
Peregrine Financial Group filed for bankruptcy protection on Tuesday, and the Commodity Futures Trading Commission and the National Futures Association have accused the firm and Wasendorf of misappropriating more than $200 million in customer funds, and then hiding the missing funds for more than two years.
Those developments follow a series of events leading up to Wasendorf's attempted suicide on Monday: an unannounced marriage in Las Vegas on June 30, a month before a local church wedding he had planned (Wasendorf and his first wife had divorced in 2010 after 24 years of marriage); signing over power of attorney to his son on July 3; and a decision to relent to regulators' demands that he switch to an electronic system for verification of PFGBest's bank balances.
On Monday, one week before PFGBest would celebrate 20 years in business, Wasendorf was found, incoherent but breathing, near his Cedar Falls office in a closed car with a hose pumping in exhaust, a note nearby indicating "possible discrepancies" in PFGBest's financials, the sheriff's report said.
He was airlifted to a hospital in Iowa City, and was reportedly in a coma. Neither the hospital nor his family has confirmed his current condition.
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