Russell Wasendorf Sr., founder and former CEO of Peregrine Financial Group (PFG), will learn what his future when he hears his sentencing on Jan. 31. ?
In a Monday court filing, Wassendorf, 64, will be sentenced by the U.S. District Court in Cedar Rapids, Iowa. His prison sentence could essentially be a life one with its 24 to 50-year potential, reported FIN Alternatives.
In July, Wasendorf was arrested when PFG started to unravel and after his suicide attempt on July 9, 2012. He did write a confession, admitting “fraud” and having “cheated,” as well as acknowledging he took “more than $100 million” of client funds.
For 20 years, he said he defrauded clients.?
On July 10, 2012, the firm filed for bankruptcy protection.?
Wasendorf had been arrested on July 13, 2012 and has remained in custody since then. In September he pleaded guilty to mail fraud, embezzlement and giving false statements to regulators.
At the time, Wasendorf’s legal team asked that he be released until his sentencing but prosecutors opposed it, saying he was a “serious risk” and that the “defendant’s?crime is nothing short of breathtaking,” reported Reuters.
Meanwhile, in the case of the missing client money, the search for it continues and it is now estimated at $200 million.