Friday, July 11, 2014

Founder of Iowa brokerage pleads not guilty

February 16. 2013 5:21PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) The founder of an Iowa-based brokerage has pleaded not guilty to fraud charges stemming from a suspected $200 million embezzlement scheme that drove his firm to bankruptcy and ripped off thousands of customers.

Peregrine Financial Group, Inc. CEO Russ Wasendorf Sr. entered the plea at an arraignment hearing Friday in Cedar Rapids federal court. He is charged with 31 counts of lying to regulators.

Wasendorf's image as a prominent businessman and philanthropist crumbled when he was found in his car outside Peregrine's headquarters in Cedar Falls unconscious after attempting suicide last month.

Investigators say they found a suicide note in which he confessed to a 20-year fraud scheme, and admitted during an interview from his hospital bed to stealing at least $100 million from customers.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds