Peregrine CEO To Stay Jailed Before $100M Fraud Sentencing

Law360, New York (October 10, 2012, 12:34 PM EDT) -- An Iowa federal judge on Tuesday ordered disgraced Peregrine Financial Group Inc. CEO Russell Wasendorf Sr. to remain in custody before his sentencing for a $100 million embezzlement scheme, saying he might attempt to flee the country.

Chief Judge Linda R. Reade said Wasendorf likely had the motivation and financial means to skip town and avoid a sentence of up to 50 years in prison and a $3.25 million fine. A sentencing date has not been set.

Wasendorf admitted the fraud in a note as part...
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