JAILED CEO: Lawyer Argues For Client’s Release

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.


The attorney for an Iowa businessman who entered a guilty plea to embezzlement is fighting for him to be released before sentencing.

Sixty-four-year-old Russell Wasendorf Sr. is the former CEO of Peregrine Financial in Cedar Falls. He allegedly lied to the government regarding the company’s customer funds.

Attorneys say he misused $200 million in funds and lied to cover it up.

Wasendorf’s attorney says he should be released before sentencing so he can spend time with his wife and friends. The attorney argues that Wasendorf isn’t a flight risk because his passport has been seized and his assets are frozen.

Wasendorf faces 50 years in prison at his sentencing.