I am all in favor of more education. However, I do not believe a theft class would benefit the likes of Russell Wasendorf Dr. He is not merely a thief; he is a seriously corrupt person who will spend the rest of his days behind bars!

Russell Wasendorf Sr., the founder of the bankrupt commodities firm Peregrine Financial Group Inc., was sentenced to 50 years in prison for a theft of more than $215 million from customers. As reported in www.bloomberg.com.

He deserves be mentioned right alongside such crooks as Bernie Madoff!

The 64-year-old Wasendorf was sentenced for what basically will be the rest of his life. He used a printer, software and a post office box to create false bank statements and other documents and hide his 20-year embezzlement starting in the early 1990s.

It stinks, because what it all boils down is Wasendorf is just another con man who built a business on smoke and mirrors. The former trader started Peregrine as a one-man firm in his basement. It eventually had 241 employees.

Wasendorf also was ordered to make $215 million in restitution to more than 13,000 victims. I doubt few will receive anything.

His crimes came to light last July after he tried to kill himself by piping auto exhaust into the passenger compartment of his car outside the firm’s headquarters in Cedar Falls, Iowa. A stop theft most likely will be required; however, as long as he remains behind bars, without influencing access to those in the free world, he will not need them.