Peregrine Financial Group president to appear in court
Wednesday, July 18, 2012 10:21 AM
The former head of Cedar Falls-based Peregrine Financial Group Inc. (PFGBest) will appear in court today and is expected to ask to be released on bail, according to Bloomberg.
Russell Wasendorf Sr. has admitted to stealing $100 million from the company and losing $200 million in customer cash. Wasendorf is being represented by a public defender.
Steven Miller, a former federal prosecutor, said in an interview with Bloomberg that he expects prosecutors to argue that Wasendorf is a flight risk because of his assets.