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Criminal Justice Case Analysis, Research Paper Example

Pages: 2

Words: 622

Research Paper

Plot of the Case

Russel Wasendorf is noted as one of the most powerful and most influential individual in the business industry. Being the Chairman and the Chief Executive Officer one of the biggest financial firms known to the international market, Wasendorf holds particular level of authority that would define the role he plays in the industry. Considered as one of the most effective leaders of the organization, Wasendorf became a trusted person in the field of financial development. Considerably, it is because of this fact that he was able to get the attention of several individuals as they take his advice when it comes to developing personal income especially when it comes to matters of investment and monetary management.

However, just when everything seems to be going well that Wasendorf was even able to establish the Wasendrof and Son Inc during the year 1980, the situations of his personal identity as a financial manager became undoubtedly jeopardized. On July 9, 2012, the National Futures Association noted that Wasendorf’s company seems to have been losing at least $200 million of customer funds. Upon learning that the news has already been made public, Wasendorf tried to commit suicide, but was unsuccessful about it.  However, the suicide note specifically incriminated his involvement in the case as the one who has committed the fraud thus losing at least $100 dollars of the total customer funds.

Sentencing and Court Hearing

Because the evidence of self incrimination imposed through the note that Wasendorf actually left before committing suicide, it was easy enough to put down the final decision thus making it easier for the court to release punishment issues which includes 50 years of prison sentence along with the need to pay for an amount of $215.5 million for restitution.

These rules and policies implied against the case of Wasendorf has been specifically noted alongside other evidences and supporting testimonies from the clients who are practically scammed and the admittance of the people he works with to have some hint on the ongoing point of stealing on Wasendorf’s part. Other evidences include notes and information gained from the investigation handled by the Commodity Futures Trading Commission or CFTC.

Aftermath

Controversies continued to rise during the hearing process. People became more cautious about the way they entrust their funds to several financial managers in the industry in fear of finding a Wasendorf-like individual. Being an author of six financial reading materials, Wasendorf’s ideas on developing and introducing SFO or stock futures options as part of the modern ways of investment have been among his legacies. Relatively though, although his ideas proved to be strong enough in handing the most comprehensive challenges in the financial industry, it was not enough to protect him from being ridiculed and specifically judged by some of the people, while some of his colleagues were actually impressed with the cleanness of his work on the fraudulent conditions of financial operations and management.

Considerably, the final decision pointed out towards the need of Wasendorf to pay for his actions. Apparently, working with the different aspects of financial development especially when it comes to personal growth made it possible for Wasendorf to commit such actions which some individuals in the white collar industry also engage with without being notably noticed by others in the industry thus do not undergo particular investigation of some sort. This case then reminds the fact that individuals working in the white collar industries should be able to understand the role that they take especially when it comes to serving the society first before that of their own desires.

References

Azam, A.  and Peter, L.  “At Peregrine Financial, Signs of Trouble Seemingly Missed for Years”. New York Times.

Leising, M, and Andrew, H. “Peregrine Sued By CFTC, Investigated After Suicide Try”. Bloomberg.

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