Peregrine CEO pleads guilty to fraud; to stay in jail: Thomson Reuters Business News - MSN Money
Peregrine Financial Group's former Chief Executive Russell Wasendorf
Sr. pleaded guilty on Monday to embezzling more than $100 million from
customers of his futures brokerage, lying to regulators to cover his
tracks, and mail fraud.
Previously expected to be set free from
jail pending his sentencing, Wasendorf was told he will remain behind
bars while a judge determines whether he is a flight risk.
Wasendorf,
64, agreed earlier this month to plead guilty after confessing in July
to stealing from his customers for nearly 20 years.
In a small
courtroom in Cedar Rapids, Iowa, Magistrate Judge Jon Scoles confirmed
that Wasendorf wanted to plead guilty to each of four charges.
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