Peregrine’s Wasendorf, Charged With Lying, Seeks Bail
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Russell R. Wasendorf Sr., the Peregrine Financial Group Inc. founder charged with lying to regulators about how much client money his commodities brokerage had on deposit, is set to ask a judge to release him on bail.
Wasendorf, 64, admitted stealing at least $100 million from the Cedar Falls, Iowa-based firm, according to an FBI affidavit accompanying a criminal complaint unsealed upon his July 13 arrest. He’s been in U.S. custody since then and is scheduled to appear today before a federal magistrate judge in Cedar Rapids, according to the court’s electronic docket.