Peregrine CEO Admits To $200M Fraud, Inks Plea Agreement

Law360, New York (September 11, 2012, 5:25 PM EDT) -- The head of Peregrine Financial Group Inc. has signed a plea agreement with federal prosecutors in the criminal case against him pending in Iowa federal court, in which he admits to a $200 million fraud and embezzlement scheme, prosecutors reportedly said Tuesday.

Under the terms of the deal, Russell Wasendorf Sr. will plead guilty to mail fraud, making false statements to authorities and embezzlement of customer funds, according to a report from the Associated Press.

Those charges pack a maximum sentence of 50 years in prison,...
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