Sentencing for 'Midwest Madoff' at End of January

The disgraced founder of a Cedar Falls-based brokerage firm who misused more than $200 million will learn later this month whether he will spend the rest of his life in prison.

Russell Wasendorf Sr., 64, who has been dubbed the "Midwest Madoff" after Ponzi-scheme king Bernie Madoff, has his sentencing scheduled for Jan. 31.

Wasendorf was arrested in July after attempting suicide. In his suicide note he allegedly admitted to falsifying bank documents, misleading regulators and embezzling over $200 million over 20 years. His firm, Peregrine Financial Group, is in bankruptcy.

He plead guilty in September to embezzling customers' money.

U.S. District Judge Linda Reade set the sentencing date earlier this week, and has a reputation for tough sentencing, the Associated Press reports.