Iowa: Convicted exec owes $14.1M in taxes, fines

(AP) Court records show the Iowa Department of Revenue has accused disgraced businessman Russ Wasendorf Sr. and his former wife of underreporting their income and dodging millions in taxes.

Records show the department filed an assessment in November against Russ and Connie Wasendorf seeking $14.1 million in unpaid taxes and penalties. The assessment alleges the Wasendorfs underreported their taxable income between 2001 and 2009.

Wasendorf is in jail awaiting sentencing after acknowledging he misused more than $100 million in funds that customers invested with his now-bankrupt brokerage, Peregrine Financial Group. He was arrested last year after attempting suicide outside the company's headquarters in Cedar Falls.

The details of Wasendorf's tax liability were made public Wednesday in a filing by a court-appointed receiver that is liquidating his assets to reimburse victims.