by The Compliance Exchange on September 17, 2012
Peregrine Financial Group Inc.’s indicted founder, Russell Wasendorf Sr., who tried to kill himself in July, will be freed on bail after he pleads guilty to embezzlement on Sept. 17, a judge said.
“Following defendant’s plea of guilty, the court will review with defendant the terms of an order setting conditions of release,” U.S. Magistrate Judge Jon Scoles in Cedar Rapids, Iowa, said in a written ruling yesterday. “Defendant will be released at that time.”
Wasendorf, 64, has been jailed since his July 13 arrest on charges he lied to U.S. regulators about the amount of client funds his Cedar Falls, Iowa-based firm had on deposit at its bank. He was indicted on 31 counts last month.
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