PEREGRINE CHARGES: CEO’s Son Not Charged

A 20-year fraud scheme likely won’t result in charges against the leadership of Peregrine Financial Group.

The CEO of the Cedar Falls based company, Russ Wasendorf Sr. is charged with 31-counts of lying to regulators.  Prosecutors say he misled regulators in order to cover up the embezzlement $200-million in customer funds.

Wasendorf’s son, Russ Wasendorf Jr. served as Chief Operating Officer of the company while the alleged embezzlement was taking place.  Wasendorf Jr.’s attorney says investigators have indicated he is not a target in the investigation.