WASENDORF CASE: Preliminary Hearing Waived

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The head of the now defunct Peregrine Financial Group waived his right to a preliminary hearing Thursday.

Russell Wasendorf Sr. is accused of making false statements regarding the value of customer funds at PFG in Cedar Falls. Investigators say he stole about $200 million from clients over a 20-year period.

Wasendorf’s attorney says he may request a detention hearing in the future. That would determine whether he can be released before his trial.

Wasendorf was arrested following a suicide attempt. He left a note detailing his crimes.

He is being held in the Linn County Jail in Cedar Rapids.