Peregrine CEO Admits $100M Scam, Stays In Jail

Law360, New York (September 17, 2012, 5:35 PM EDT) -- Russell Wasendorf Sr., disgraced CEO of bankrupt Peregrine Financial Group Inc., pled guilty Monday to a $100 million embezzlement scheme and was ordered to remain in custody after prosecutors warned he may try to flee the country to avoid prison.

Wasendorf pled guilty in Iowa federal court to mail fraud, embezzlement of consumer funds and making false statements to the U.S. Commodity Futures Trading Commission and the National Futures Association, prosecutor Peter E. Deegan confirmed to Law360. Wasendorf faces a maximum of 50 years in prison...
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