8. In 2012, Peregrine Financial Group (PFG) founder and CEO Russell Wasendorf, Sr., was accused of lying to regulators. Wasendorf had previously signed a confession in which he described bilking customers of his firm for almost 20 years. Specifically, Wasendorf "overstated the value of PFG's customer segregated funds by at least tens of millions of dollars" to the Commodity Futures Exchange Commission. Wasendorf had used home printers and Photoshop computer software to intercept and forge financial statements from U.S. Bank, where his firm's customer money was held in different accounts, and from the firm's auditorsthe National Futures Association. The newest complaint argued not that Wasendorf was using customer money but that he misrepresented the value of customer funds for two years. How did the court decide the 2012 case against Wasendorf? [United States v. Russell R.Wasendorf, Sr., 12-CR-2021 LRR (2013).]

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