Crime Central: Minneapolis - Deadly Investment
Wednesday 10 Dec 1.00PM

On 30th January 1991, the body of a high profile stockbroker was found bloodied and frozen, stuffed into a pile of brush near the St Croix River. The murder would shock the Minneapolis financial world and would bring to light the story of a Russian immigrant who would do anything to strike it rich in America.

Michael Prozemenchikov was born and raised on the poverty-stricken streets of Leningrad. In 1975, Michael and his wife were granted permission to leave Russia and they immediately immigrated to Minneapolis' large Russian community.

Michael taught himself the ins and outs of the stock market and quickly moved into the world of high finance. Michael was a hard-seller, ruthlessly aggressive with his own clients' money. He broke all the rules and amassed a fortune but often at his clients' expense. One of those clients was fellow Russian Zachary Persitz.

Michael and Zachary were close. Their wives were friends and their children played together. Michael Prozemenchikov had squandered a fortune of Persitz's money on shady investments that Persitz never authorised. Persitz had hit rock bottom thanks to Michael's investment blunders. They would prove to be fatal mistakes.

On 28th January 1991, one of Prozemenchikov's clients met him outside his office at Prudential-Bache's Minneapolis, presumably to talk stocks and bonds. It was the last time anybody ever saw Prozemenchikov alive. For days authorities searched for Prozemenchikov but to no avail. The cops tried to narrow the list of suspects down to just a few. However, due to the fact that Michael had made enemies out of so many of his clients, the 'narrow' list of suspects numbered over a hundred.

There was one client of Prozemenchikov’s who did seem to stand out, fellow Russian émigré Zachary Persitz. When authorities approached Persitz, he confessed to driving Prozemenchikov at gunpoint out to a remote area near the St Croix River, where Persitz shot him at point blank range with a .357 Magnum. Then, with an axe, Persitz dismembered the corpse and stuffed his remains into garbage bags and hid them under a pile of brush. After hearing Persitz's confession, authorities charged him with the murder of Michael Prozemenchikov.

At trial, Zachary admitted to the killing but claimed temporary insanity. He stated he had been driven mad by Prozemenchikov’s aggressive business tactics. Several of Prozemenchikov's clients testified on Persitz's behalf but the jury eventually found him guilty of first-degree murder. Persitz was given a life sentence but for the families debilitated by Prozemenchikov's careless investments, the struggle continues.


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