Politics & Government
Prosecutors: Peregrine CEO Wasendorf to Plead Guilty; Faces Up to 50 Years in Prison
Russell Wasendorf Sr., the CEO of Peregrine Financial Group, PFG, is in federal prison on charges of lying to investigators.
Federal prosecutors said Russell Wasendorf Sr., the CEO of Peregrine Financial Group, also known as PFG, will sign a plea deal, the Associated Press reported Tuesday.
Prosecutors said Wasendorf will admit guilt to mail fraud, embezzling customer funds and two counts of making false statements to regulators and will be sentenced up to 50 years in prison, which is the maximum penalty.
Wasendorf was  after trying to commit suicide outside of PFG's Cedar Falls headquarters. His suicide note allegedly led investigators to over $200 million missing from the company's bank account. PFG is now in bankruptcy.
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Wasendorf was charged with 31 counts related to lying to authorities. He .
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