PFG's Wasendorf Arrested, to Appear in Federal Court Today

Russell Wasendorf Sr., the founder and CEO of the Peregrine Financial Group, also known as PFGBEST, was arrested today and will apear in federal court this afternoon.

Wasendorf, 64, came under fire after PFG, his Cedar Falls-based online brokerage firm, came under investigation and $220 million was allegedly discovered missing from the company's U.S. Bank account. Wasendorf reportedly tried to commit suicide outside of PFG's headquarters on Monday.

He has been charged with making and using false statements in a matter within the jurisdiction of the government of the United States.

Wasendorf, who was in a coma earlier this week at University of Iowa Hospitals and Clinics, was arrested by Federal Bureau of Investigation agents. Several news outlets reported yesterday that sources said his health condition was improving.

He is scheduled to make an initial appearance in federal court in Cedar Rapids at 4 p.m.