PFG SCANDAL: Wasendorf Pleads Guilty
Federal prosecutors are doing what they can to keep the former head of the failed Peregrine Financial Group behind bars.
Monday prosecutors filed an emergency appeal asking a judge to keep Russell Wasendorf, Senior in jail. The request came just hours before Wasendorf pleaded guilty to fraud, embezzling customer funds and lying to regulators.
A judge ruled last week that Wasendorf could be released to his pastor, but prosecutors fear he’ll flee the country or commit suicide prior to sentencing.
Chief judge Linda Reade did not immediately rule on the request.
Wasendorf faces 50 years to life for conning clients of the Cedar Falls-based company out of an estimated $200 million.