IOWA CITY, Iowa (AP) — Disgraced businessman Russ Wasendorf Sr. should be given the maximum 50-year prison sentence for a $215 million fraud scheme that victimized thousands of customers at his Iowa-based brokerage, federal prosecutors argued Tuesday.

The U.S. Attorney’s Office said in a filing that federal guidelines call for Wasendorf to be sentenced to life in prison, which means the founder and CEO of Peregrine Financial Group should get the maximum sentence his charges carry.